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SUNDAY, NOVEMBER 22, 2009
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7

Congress Extends Credit for First-Time Home Buyers

Also adds 20 weeks of jobless benefits

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(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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davjc09
Nov 5, 09 3:14 PM CST
I hope they extend it one more time. I don't plan to buy a house until fall 2010. Doh. Reply
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tomodachi
Nov 5, 09 3:17 PM CST
The cash for clunkers was an additional (indirect) bailout of the auto industry... paid for by all US taxpayers. This is an example of the same thing, but for the financial industry. It'll allow them to write off some of their bad debt. But it won't fix the worst of it... the parts that the banks are still hiding... acting like it never existed. The Japanese economy wallowed about for a decade because their banking industry refused to write off their bad debt. The US banking industry needs to be forced into completely clearing their books of the bad debt they hold... because they certainly won't do it... and the US financial industry won't be right until they do. Reply
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Netstorm2k9
Nov 5, 09 3:18 PM CST
So if the recession is almost over, why are they extending unemployment benefits? Someone show us all how smart they are. Reply
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tomodachi
Nov 5, 09 3:23 PM 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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Cat-Lover
Nov 5, 09 3:22 PM CST
With all this talk about some Democrats facing re-election problems next year, I'd hate to be one of those 12 Republicans who committed political suicide! Reply
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