CAPITOL HILL (AP) - How to respond to the housing crisis. Do you
focus on helping homeowners facing foreclosure? Or do you try to
take care of businesses impacted by the crisis?
Democrats on Capitol Hill find themselves divided between those
two basic approaches. The Senate is considering a bipartisan
measure which would shower some 25 billion dollars in tax breaks on
home builders and banks. Approval could come as early tomorrow.
That's also when a key House panel is to consider a rival
Democratic plan that instead would steer tax breaks toward
first-time home-buyers and investors in low-income rental housing.
House Speaker Nancy Pelosi has made little secret of her
distaste for the Senate's approach.
The White House, meanwhile, is weighing in against the Senate
bill. It opposes provisions to fund state and local government
purchases of foreclosed homes and a $7,000 tax credit for people
who buy foreclosed homes.
(Copyright 2008 by The Associated Press. All Rights Reserved.)