Free Money! Act Now Before It's Gone! (Literally)

Wednesday, October 28, 2009 , , 5 Comments

I would like to ask one simple question: where in the hell do we think we're going to get the money to cover this from?


A proposal to extend the $8,000 tax credit for first-time homebuyers as part of an unemployment- benefits measure has significant support, Senate Majority Leader Harry Reid said.

“There’s general agreement by a significant number of senators, Democrats and Republicans” for adding the tax credit to the measure extending unemployment benefits, Reid said today. The measure is being held up by Republican demands for votes on unrelated amendments, the Nevada Democrat said.

“Let’s get this done and we’ll move on,” Reid said.

Senate Minority Leader Mitch McConnell, a Kentucky Republican, called the dispute an “unnecessary impasse.” Most lawmakers support the unemployment measure as well as the homebuyers’ credit, he said.

“We’re not that far away from an agreement that would allow us to expedite consideration of the bill,” McConnell said. “It is routine for there to be amendments offered by both sides that are not directly related to the bill.”

Lawmakers are considering a $2.4 billion measure that would extend unemployment benefits by 14 weeks in all states and provide another six weeks of benefits in states with the highest unemployment rates.

A number of lawmakers have been pushing to attach an extension of the homebuyer tax credit beyond its Nov. 30 expiration date. Reid said lawmakers also agree on another proposed amendment providing a tax break to money-losing companies.

Oh wait, I have another question that I would really love an answer to: when does the madness end?

Thanks in advance for your attention to this matter, you money-printing maniacs.

Update: Thanks to our friend Negocios Loucos, we see that Bloomberg has given the original article a really awesome edit reflecting a larger part of the free money picture.

Senate Democrats plan to extend an $8,000 tax credit for first-time homebuyers and allow benefits for some people who already own residences, a spokeswoman for Majority Leader Harry Reid said.

The proposal would let homeowners qualify for a $6,500 credit if they have lived in their residence for five years, said Reid aide Regan Lachapelle. Lawmakers expect to consider the measure as part of a bill to extend unemployment benefits, she said. That measure has been held up by a disagreement with Republicans over other proposed amendments.

The homebuyers’ credit would be available to individuals earning up to $125,000, or $250,000 for couples, up from $75,000 for individuals and $150,000 for couples under the current law, Lachapelle said.

Lawmakers want to keep home sales from slipping as the economy struggles to recover from the worst drop in home prices since the Great Depression.

“The compromise we have now would expand the credit beyond first-time homebuyers,” Lachapelle said.

The plan would extend the credit, due to expire Nov. 30, to home purchases under contract by April 30, 2010, with borrowers allowed another 60 days to close the sale, according to a person familiar with the details of the agreement.

And as WC Varones also so astutely pointed out, this does not even touch on the next GMAC bailout (and no, we're not talking about Cash for Clunkers Part 2, that was merely a Japanese car company bailout).

Isn't this exciting, you guys?! I'm so thrilled! When do I get my next stimulus check? I mean hell, I might as well just quit my job and go buy a house I can't afford and drive a Chrysler. Or maybe a Hummer just for kicks. Whatevs. Viva Armageddon!

Jr Deputy Accountant

Some say he’s half man half fish, others say he’s more of a seventy/thirty split. Either way he’s a fishy bastard.


It's funny I see a different article that talks about giving people who own houses for 5 years a $6500 tax credit. Which one is the REAL news?


wcv said...

And you didn't even mention the next multi-billion-dollar GMAC bailout.

thanks to both of you, edited appropriately. Who the fuck can keep up with these trillions?! Christ, did Zimbabwe Ben do a few rails or what? They can't spend it fast enough...

Anonymous said...

I read about this right after reading about the closing of the Bay Bridge, part of the crumbling around our heads infrastructure. Now I have always believed that it isn't over till it's over, but if this keeps up much longer it is going to be over, people. I mean done. Finito. Turn out the lights the party's over, assuming that the grid hasn't collapsed. Etc.

wonderful choice of words, anon. Well maybe not "wonderful" so much...

between you and I, those of us here on the San Francisco side of the bridge don't mind that it crumbled, we much prefer our fine town sans Bridge and Tunnel. Mostly we're just bitter that we pay $2 to ride Muni and nothing less than $1000 a month for a crappy studio in SoMa.

Not that *I* am bitter.

Do we still have a grid at this point? Amazing.