The Associate Press is reporting that while those on Capitol Hill are considering an extension to the first-time home buyer tax credit, those with the greatest decision making power have yet to jump into the conversation. Yesterday, Senate Majority Leader Harry Reid said he would be willing to consider an extension of six months. This would not even get us into a true “selling season” in 2010 if this is all they do.
Timothy Geithner, Treasury Secretary of the Obama Administration, said that he hasn’t made a decision yet. So what of Obama? According to the White House, an economic planning team will make a recommendation to President Barack Obama by the end of the week.
Extending the credit is a tough sell in some corners because so far the credit has cost an estimated $15 billion, twice what was projected last February. So apparently now we have a conscious. To put this in perspective, while $15 billion sounds like a lot of money, it is maybe 1.5 percent of all the money that the President and Congress have authorized to be spent since the first of the year. Housing will lead to economic recovery. It creates jobs. I hope they realize this, but if they don’t and you are a first time home buyer, don’t wait for the “what if’s” to happen regarding Congress and the passing of a possible extension or you might just miss out!
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