Now on to the business of governing.

Congress and the Obama administration are still haggling over the specifics of the economic recovery package. While the House unveiled its proposal last week, the Senate has not yet released its own draft. Part of the hang-up seems to be over Sen. Dick Durbin’s Helping Families Save Their Homes in Bankruptcy Act, which would allow bankruptcy judges to revise the terms of unaffordable mortgages. The Hill has the details.

President-elect Obama and his advisers are resisting attempts to include a provision in the economic stimulus bill backed by congressional Democrats that would allow bankruptcy judges to shrink mortgages.

In a hastily convened Democratic Caucus meeting last week, Obama economics adviser Jason Furman made it clear to lawmakers that Obama thinks the so-called “cramdown” provision would cost GOP votes and endanger bipartisan support in the Senate.

He committed to dealing with the issue after the bill passes, as did House Speaker Nancy Pelosi (D-Calif.).

While it's important to ensure that a broad consensus supports the stimulus, this reform is far too important to put off any longer. Well over two million households have lost their homes to foreclosure since the housing bubble burst in 2006 and that number is expected to climb to six million before the bust is over. By tweaking the bankruptcy law slightly, Durbin’s bill could keep an estimated 600,000 homeowners from losing their properties. That number would surely grow if delinquencies rise.

The Hill notes that at one point last year, Durbin spoke about the proposal—which was shot down by the Senate on three different occasions—for seven hours on the Senate floor. Keep talking, Senator. It’s crucial to keep the provision on the table, as it’s one well worth fighting for.