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Congress Extends Credit for First-Time Home Buyers

Also adds 20 weeks of jobless benefits

By Nick McMaster,  Newser Staff

Posted Nov 5, 2009 3:03 PM CST

(Newser) – The House voted to extend and expand an $8,000 tax credit for first-time home buyers as part of a stimulus expansion expected to inject $45 billion into the economy. The legislation, which passed the Senate yesterday, also extends unemployment benefits for 20 weeks and creates tax breaks for businesses suffering losses. President Obama will sign it tomorrow. The House voted 403-12, with Republicans accounting for all the “no” votes.

The home buyers' credit, set to expire Nov. 30, will now last until April 30, and more Americans are now eligible: The bill raises the yearly income limit to $225,000 for couples and $125,000 for individuals, up from $150,000 and $75,000, respectively. About 1.4 million people have claimed the credit at a cost so far of about $10 billion, Bloomberg reports.

In this June 3, 2009, a sign offering $8,000. in incentives for first time homebuyers is posted in front of a home for sale, Wednesday, June 3, 2009, in Mariemont, Ohio.
In this June 3, 2009, a sign offering $8,000. in incentives for first time homebuyers is posted in front of a home for sale, Wednesday, June 3, 2009, in Mariemont, Ohio.   (AP Photo/Al Behrman)
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The homebuyers’ credit has helped pave the way for stabilization in the housing market and contributed to three consecutive months of rising home prices.
- Jim McDermott, Democratic Representative from Washington

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COMMENTS
Showing 3 of 7 comments
Reader68389796
Nov 5, 2009 9:25 AM CST
We ain't in no recession, this is the way the country is always run the have's and the have nots. If the country is in a recession why does one person have 2 and 3 jobs. Just ask Ryan Seacrest and a multitude of them holding down up to 4 salary checks. This country just full of shit!
tomodachi
Nov 5, 2009 9:24 AM CST
Maybe not. If they're in a part of the country filled with people who would vote them out if they voted yes... voting no would improve their changes of re-election.
tomodachi
Nov 5, 2009 9:23 AM CST
Netstorm... The recession is over already... as long as we don't double dip. The big problem now is the damage the economy did to unemployment. That won't go away without stimulus. Until then, you have to give the unemployed something to live off of... or they'll drag the economy down even further.

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