Senate acts to extend aid for jobless, homebuyers

[NYC Liberal]

Source: Associated Press

Senate acts to extend aid for jobless, homebuyers

WASHINGTON — Recognizing that a weak economy still needs a government boost, the Senate voted overwhelmingly Wednesday to provide the jobless with up to 20 weeks in additional unemployment benefits and expand a first-time homebuyer tax credit to include a far larger pool of people entering the dormant housing market.

The $24 billion bill, passed 98-0, also provides tax relief for struggling businesses. It comes to the rescue of more than 1 million out-of-work people who will run out of benefits by the end of the year. Everyone will receive 14 weeks of additional benefits, while those in states with unemployment rates of 8.5 percent and above get six weeks on top of that.

With enactment, the jobless in the hardest-hit states could receive up to 99 weeks of benefits, which average about $300 a week. That would well exceed the previous record of 65 weeks during the 1970s.

The $8,000 tax credit for first-time homebuyers, enacted as part of the stimulus package last February and set to expire this month, would be extended and expanded to include a $6,500 credit for people who have lived in their current residences at least five years.

Read more: http://www.google.com/hostednews/ap/article/ALeqM5hZg_pvAKDYQV-RYmrmcBrJTaJ5CAD9BP0E000

[2Design]

1. well the investors will love this and here comes the bubble and more overpriced housing n/t

[amandabeech]

7. It is clearly an attempt to reinflate the housing bubble.

It's throwing good money after bad, even if it is popular.

[tonysam]

2. 98-0

And the Senate farted around for five stinking weeks on something that should have been passed immediately.

[girl gone mad]

5. They were holding off to attach unemployment to the homebuyer credit. n/t

[tonysam]

6. It was more than that

and both parties were responsible for the holdup.

The next time UI is extended--and it WILL be, trust me, because the economy will not improve for the unemployed in the next five months--will we be subjected to the same stupid delays as before?

[samrock]

3. Woot!!

The legislation would extend the $8,000 tax credit through June of next year as long as the buyer enters into a binding contract before April 30. It doubles the income ceiling for qualification to $125,000 for individuals. The credit is available for homes purchased at under $800,000.

[flyarm]

4. can someone explain this to me..what does it mean?

"expanded to include a $6,500 credit for people who have lived in their current residences at least five years."

if you have lived in your home 5 years?? or are selling it after being in it 5 years? Maybe i am having a block, but i don't understand this ..maybe someone who gets this can explain??

thanks