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May 17, 2008 1:31:09 AM CDT

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Senate Passes Housing Aid Bill  

Posted Apr 10, 08 3:02 PM CDT in Politics    Editor's Choice

(newser) – The Senate approved a $15 billion measure to address the housing slump today, including $6 billion in total tax breaks to homebuilding firms and a $7,000 tax credit for buyers of foreclosed homes. Though it passed by an 84-12 margin, opposition from President Bush and the House could yet sink the measure, Reuters reports.

"A major positive step in the right direction," is how Connecticut Democrat Chris Dodd characterizes the bill, but, "we've got more work to do. We don't do enough to prevent foreclosures." It next goes to the House, where it faces criticism over the business tax breaks and competition from the House’s own pending legislation.

Sources Reuters, Politico

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Senate Passes Housing Aid Bill
U.S. Sen. Chris Dodd, D-Conn., speaks to members of the Middlesex County Chamber of Commerce in Cromwell, Conn., Monday, Feb. 25, 2008.   (AP Photo/Jessica Hill)
Senate Passes Housing Aid Bill
Sen. Mitch McConnell, R- Ky., right, and Sen. Harry Reid, D-Nev., are shown in this 2004 file photo in Washington.   (AP Photo/Evan Vucci, FILE)
Senate Passes Housing Aid Bill
The Senate today approved a $15 billion housing-aid measure, including help for homebuilders and a tax credit for those who buy foreclosed homes.   (AP Photo/Don Ryan)
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Senate  • housing market  • housing crisis  • subprime crisis  • House of Representatives  • foreclosure  • legislation  • Chris Dodd  • housing legislation  • tax credit


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