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Filling the giant hole, $8,000 at a time

July 01, 2010

Late last night the Senate passed HR 5623, a 3-month extension of yesterday's deadline to close purchases of houses placed under contract by April 30 to qualify for the "popular" first-time homebuyer credit. The bill passed despite warnings that it invites massive backdating of paperwork to "qualify" home purchases for the $8,000 refundable credit. Every Iowa congresscritter voted to take money from all of us -- or our grandchildren -- to give $8,000 each to perhaps 2,030 Iowans and 178,000 other housing welfare recipients. The bill goes to the White House, where approval is assured.

While making sure to subsidize people who, in theory, can afford a house, the Senate did not pass an extension of unemployment benefits. Interesting priorities.

UPDATE: More from TaxGrrrl.

Tags: homebuyer credit.Kay Bell.