Homebuyer tax credit closing deadline extension filibustered
Updated 7/1/2010: Congress passes homebuyer tax credit closing deadline extension
A Senate bill that would have delayed the closing deadline for the homebuyer tax credit until September 30 has been filibustered. All 40 Republicans and one Democrat voted against allowing the bill to move to the floor for debate, effectively killing it. The June 30 deadline to close on contracts entered into before May 1 and still qualify for the homebuyer tax credit remains in force.
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Your header is misleading -- the philibuster was not just about the tax credit. The bill is far greater than that and has many other things in it which would lead to even more spending and would increase the deficit beyond.
Yes, the bill has spending -- $16 billion in aid to states to keep state and local government workers employed (you know, police, road crews, teachers, etc.). And it has "dozens of tax breaks sought by business lobbyists."
Perhaps they can reach a deal: Remove those tax cuts to help with the deficit so the tax credit can be extended.
Of course, if NAR is right about 180,000 people losing out on the credit, NOT passing the bill would save $1.44 billion. But I don't like that solution.
what your post doesn't say is that the tax extension bill was passed by the senate. Then is was attached to a democratc bill that was not getting any support in an effort to try and get the other bill passed. So I wouldn't blame the republicens, I would blame Harry Reid.