Senate Housing Bill Goes to Final Stage
The Senate invoked cloture—the process for ending a filibuster or debate by a three-fifths vote—on its housing stimulus package, meaning that the bill is fast-tracking through. This is good news for homeowners, who would benefit to the tune of $4 billion. However, around $13 billion would be delivered to housing lenders and builders in terms of tax breaks. Moreover, in order to spur on the sale of foreclosed homes, the measure would give a tax credit of $7,000 to individuals who purchase these homes—this would, it must be noted, actually encourage banks to push through foreclosure proceedings, which would not benefit many homeowners, as some commentators have noted.
President Bush has stated that he is opposed to the housing stimulus package, because it would bail out speculators and lenders, he claims.