June 24 (Bloomberg) -- The U.S. Senate moved closer to adopting legislation to shield homeowners from losing their houses, voting to limit debate on the measure that the Bush administration has threatened to veto.

The bill's consideration was slowed as senators prepared to submit amendments, and Senate Banking Committee Chairman Christopher Dodd, the bill's author, said at least 44 `potential'' amendments might be offered before a final vote.

``There is a strong bipartisan desire here to complete this housing measure, and I think we have the opportunity to do that,'' Dodd, a Connecticut Democrat, said from the Senate floor.

The Senate voted 83-9 earlier today to set a time limit for debate on the bill that includes a temporary program to offer insurance to struggling homeowners, a new regulator for mortgage buyers Fannie Mae and Freddie Mac, and funding for foreclosure counseling.

``There is a strong indication that I take from our colleagues' action that there is a desire to get this bill done,'' Dodd said.

Dodd and Senator Richard Shelby, the committee's top Republican, negotiated the bill as home foreclosures jumped 48 percent in May and 65 percent in April from a year earlier. The U.S. House of Representatives passed a housing bill last month the Bush administration pledged to veto.

Dodd said he hoped to get the legislation to President George W. Bush for his signature by July 4.

`Objectionable'

Treasury Secretary Henry Paulson, in Mexico for a meeting of Latin American finance officials, said parts of the bill are ``objectionable'' and pledged to work with lawmakers to craft a version acceptable to the administration.

Senator Michael Enzi, a Republican from Wyoming who opposes the measure, said it ``rewards irresponsible actions at the expense of responsible homeowners and hardworking taxpayers.''

The Senate is likely to continue weighing the legislation tomorrow, with a final vote possible by the end of this week when senators depart for a weeklong 4th of July recess.

To contact the reporter on this story: Alison Vekshin in Washington at avekshin@bloomberg.net.

Last Updated: June 24, 2008 18:16 EDT