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You are right, it did pass and those 180,000 people, assuming they close on the homes by September 30, will get the credit. I totally understand your concerns with adding to the defecit, but at the same time it wouldn’t have been fair for those 180,000 buyers who did everything they were supposed to do to get the credit to not get it. It wasn’t their fault their homes didn’t close in a reasonable time. Really, it’s no one’s fault. This is all part of the current economic state. Banks and other lenders are taking more time to look over loans and that is a good thing. I’m not saying it makes it easier, but it should make for better lending practices, which will help us avoid what has happened over the past few years.

On a side notw, Stephanie, did you know that not including these 180,000 individuals, almost 3 million people claimed the tax credit through the homebuyer tax credit program, for a total of $21 billion? Some serious spending!

Thanks for reading.

Now, let’s multiply 180,000 x $8000 = $1,440,000,000. The government is going to hand out $1,440,000,000. Let’s add that to the $13 trillion we already OWE.

Does anyone know where that money is coming from?

YOU and I are going to pay all of that money back.

Well, there will be one less housing credit being claimed, because I’m not taking it. The government can’t afford it!

You are correct! The closing extension passed this afternoon. The vote will now go to the Senate and I have one of Merkley’s staff tracking down exactly when they will look at it. I’m guessing it’s going to be soon considering it would expire tomorrow otherwise.

Here is a link to the update,

H R 5623 2/3 YEA-AND-NAY 29-Jun-2010 3:45 PM
QUESTION: On Motion to Suspend the Rules and Pass, as Amended
BILL TITLE: Homebuyer Assistance and Improvement Act

Yeas Nays PRES NV
Democratic 244 10
Republican 165 5 8
Independent
TOTALS 409 5 18

H.R. 5623:
to amend the Internal Revenue Code of 1986 to extend the homebuyer tax credit for the purchase of a principal residence before October 1, 2010, in the case of a written binding contract entered into with respect to such principal residence before May 1, 2010, and for other purposes

2:14 P.M. –
DEBATE – The House proceeded with forty minutes of debate on H.R. 5623.
Considered under suspension of the rules.

Mr. Levin moved to suspend the rules and pass the bill, as amended.