Friday, October 23, 2009

Housing Tax Credit Extension?

WASHINGTON, Wednesday October 21, 2009 (Reuters, by Jeff Mason)

The Obama administration is still considering extending a popular housing tax credit but is weighing that against efforts to bring down the federal deficit, senior White House officials said on Wednesday.

The $8,000 tax credit, which will expire at the end of November, has boosted home sales in recent months, helping to revive a flagging housing market, which was a major factor driving the United States into a recession.

Lawrence Summers, top economic adviser to President Barack Obama, told Reuters there was a case to be made for extending the credit "in terms of supporting the housing market."

But he added: "At the same time, we can't afford everything for which there is a case."

Read the full article here.

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