The House passed the ARRA (so-called stimulus bill) today. No republicans would vote yes on the bill. I am guessing that the republican representatives are looking forward to their next political run for Congress, and planning to run against the bill. I am guessing that they know that the recovery is going to be slow, and that people in the USA tend to want instant results in everything. Frankly I am irritated that these people prefer putting politics before country. As the republican right wing talk show guy keeps saying as the voice of the republicans – it’s better for them politically if the plan fails.
Now the bill goes to the Senate. If I had my way I would put back in the things we need, like more incentive for the housing market, and dare the republicans to do their little filibuster routine. I’m not happy with the Grand Obstruction Party at this point. As far as I can tell the only way they know how to “negotiate” (I use the term with sarcasm) is by demanding the other side capitulate to what they want.
You will notice as you look at the bill that the credit for home buyers was cut from $15,000 for all home buyers down to $8,000 for first time buyers only. This is going to really limit the impact the plan could have had on real estate. The credit may persuade a few first time buyers to get off the starting line, but this is not the jump start I would prefer.
The major housing addition to the Senate’s version of the package, an up-to-$15,000 tax incentive for home buyers, was stripped from the bill on Wednesday. Real estate trade groups felt that provision had the greatest potential to reignite the market. The National Association of Home Builders projected it would increase sales by almost 500,000 and create more than 255,000 jobs. (James Temple, Chronicle Staff Writer)
Are you as surprised as I am that there is so little in this bill that does anything for the housing crisis that everyone says began this mess?
Oh well, I am still going to wait until the final version before I really look this bill over. Maybe I’ll contact a couple of senators and suggest putting that $15,000 back in there. It never hurts to let your representatives hear from their constituents, and let them know that we are watching what happens.
[...] Real Estate News for Mason County placed an interesting blog post on ARRA - First HurdleHere’s a brief overviewReal estate trade groups felt that provision had the greatest potential to reignite the market…. This is going to really limit the impact the plan could have had on real estate…. [...]