President Barack Obama and congressional leaders might extend or expand tax credits and housing aid as they seek to counter the decline in the U.S. housing market and reverse rising job losses.
House Speaker Nancy Pelosi said lawmakers might extend an $8,000 tax credit for first-time homebuyers that is set to expire Dec. 1.
Extending the tax credit for homebuyers is “under consideration,” Pelosi, a California Democrat, told reporters today in Washington. “The question is, would that be just first-time homeowners or would you open it up to other purchasers of homes?”
“There’s no question that I think it should be extended; for how long, we should discuss,” said House Ways and Means Committee Chairman Charles Rangel, a New York Democrat. He said the tax credit shouldn’t be made permanent.
This is good news.