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A Call to Extend the Homebuyer Tax Credit Meets White House Resistance

Enacted as part of February’s economic stimulus bill, the popular $8,000 tax credit for new homebuyers expires Nov. 30, prompting calls among some lawmakers to

Jul 31, 2020
Enacted as part of February’s economic stimulus bill, the popular $8,000 tax credit for new homebuyers expires Nov. 30, prompting callsamong some lawmakers to extend it for the sake of struggling consumers and a sputtering housing market.
Those calls gained some volume this morning in the Senate Banking Committee, where Chairman Chris Dodd (D-Conn.) reiterated the importance of granting the extension before the program expires six weeks from now.
“In addition to helping middle class families achieve the dream of homeownership, the tax credit has helped to stabilize housing prices and the market at large,” Dodd argued in a statement. “The credit is set to expire in five weeks. But the work of stabilizing the housing market won’t be done.”
Dodd, along with Sen. Johnny Isakson (R-Ga.), have sponsored a bill to extend the credit through next June. The Obama administration, though, is wary of the additional costsfollowing news that deficit spending hit $1.4 trillion in the fiscal year that ended Oct. 1. Indeed, Shaun Donovan, secretary of the Department of Housing and Urban Development, told Dodd’s committee Tuesday that the administration isn’t ready to committo the homebuyer tax-credit extension, arguing that officials first want to weigh the costs versus the benefits.
“I am mindful that these proposals can be very expensive,” Donovan said, “especially at a time of significant budget deficits.”
Camilo Wood

Camilo Wood

Camilo Wood has over two decades of experience as a writer and journalist, specializing in finance and economics. With a degree in Economics and a background in financial research and analysis, Camilo brings a wealth of knowledge and expertise to his writing. Throughout his career, Camilo has contributed to numerous publications, covering a wide range of topics such as global economic trends, investment strategies, and market analysis. His articles are recognized for their insightful analysis and clear explanations, making complex financial concepts accessible to readers. Camilo's experience includes working in roles related to financial reporting, analysis, and commentary, allowing him to provide readers with accurate and trustworthy information. His dedication to journalistic integrity and commitment to delivering high-quality content make him a trusted voice in the fields of finance and journalism.
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