Senate combines jobless benefits, homebuyer credit

[cory777]

Source: AP

WASHINGTON — Senate Democrats are working on a new way to jump-start their stalled election-year jobs agenda while saving unemployment benefits for hundreds of thousands of laid-off workers.

The plan is to create one bill that combines the unemployment benefits with an extension of a popular tax credit for people who buy new homes.

Under current law, homebuyers who signed purchase agreements by April 30 must close on their new homes by Wednesday to qualify for credits of up to $8,000. The bill would give those buyers until Sept. 30 to complete the purchases and qualify for the credit.

Democrats hope to pick up Republican support for the bill by combining the two provisions. They have been trying for weeks to pass an extension of unemployment benefits as part of a larger tax and spending package, but the larger bill died in the Senate last week.


Read more: http://www.google.com/hostednews/ap/article/ALeqM5hLKyB9H7lUpiALFVlU7RRJa9-EfwD9GLEQH82

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[SusanaMontana41]

1. This laid-off worker

thanks you for the update. Maybe I can sleep now?

[midnight]

2. Why don't they keep the mortgage assistance with HAMP?

And keep the unemployment separate.

[Demeter]

3. Trying to filibuster-proof one with the other.

It's the Congressional form of algebra. Or another form of MAD (Mutual Assured Destruction).

[Myrina]

8. LOL why not put some teeth in mortgage assistance in the first place?

I went thru a 'mortgage modification' after I lost my job last year Feb ... got a new job in June 09 making about $10k/yr less than I was, but a job is a job, right? Well, ever-so-generous CitiBank, who got $5k from the fed for each mortgage it 'modified', lowered my mortgage by a whopping $20/month. :eyes:

Useless. Absolutely useless.

[groundloop]

4. Let's hope this works. It's strange that the GOPers are now worried about the defecit.

[Vinca]

5. For the sake of my husband's real estate-related business,

I hope if the tax credit for buying a home passes it actually makes a difference. The first round was a real mystery because it had almost zero impact in our market area and this is an area that hasn't been hit nearly has hard as others during the recession. Sometimes I get so tired of treading water, but I know we're a heck of a lot luckier than many others to still have our heads above it.

[Bluenorthwest]

7. This extension is only for deals already in place

but not yet closed. No new credits.

[Hosnon]

6. Extend using reconciliation if necessary.

And then use the company credit card for jobs, jobs, jobs...

[Skink]

9. Maybe we should of had to vote every 6 months on the Bush tax cuts.