Tax Credit Extension Seems Likely
It seems likely that the U.S. Senate will approve a deal to extend the First-Time Homebuyer Tax Credit, but the devil is in the details.
Florida Democrat Sen. Bill Nelson told reporters traveling to Florida with President Obama on Monday that he thought that the extension would be approved, but both senators and representatives are among those who think that there should be some fiscal offset for the cost of the extension. Spending any more money on the stimulus effort also could stir up a hornets' nest in some circles.
The proposal in the Senate that appears to have the most likelihood of passage would extend the $8,000 credit through March 31, then its value would drop by $2,000 for each of the subsequent three quarters of 2010. This plan was offered by Senate Majority Leader Harry Reid of Nevada and Senate Finance Committee Chairman Max Baucus, a Montana Democrat.
Source: Associated Press, Andrew Taylor (10/26/2009) and The Wall Street Journal, John D. McKinnon (10/27/2009)
This may get moved to the Battlefield, but...
Has Harry Reid lost his mind...or is he simply planning on retiring soon?
He's talked about a "Nuclear Option" regarding the Health Care Debate...his approval rating is a paltry 30% & now this moron proposes a tax credit extension that won't do squat. His proposal also inconveniently would sunset the tax credit @ exactly the same time the Fed plans on getting out of the MBS's purchasing business!!! POOF...no more tax credit (which accounts for 60% of current sales) & higher interest rates simultaneously. GENIUS...SHEAR GENIUS!!!
THIS PLAN SUCKS....IT'S NOT ENOUGH & IT ENDS TOO SOON!
Ten months into the Obama administration & the country is ready to revolt!!!