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Although, I can see how the...
Via the AP:
WHAT’S IN
_Tax rebates: Checks of at least $300 for all people earning a paycheck, including low-income earners who make too little to pay income taxes. Families with children would receive an additional $300 per child, while those paying income taxes could receive higher rebates. Rebates may be capped at $1,200 for couples with children.
_Business tax write-offs: Spurring business investments with so-called bonus depreciation, more generous expensing rules and a change to allow businesses suffering losses now to reclaim taxes previously paid.
_Housing rescue: Allowing Fannie Mae and Freddie Mac (FRE) to buy loans larger than $417,000.
WHAT’S OUT
_Permanent tax cuts: Republicans concede that their top priority would have to be left out.
_Unemployment insurance: Democrats wanted to extend benefits past 26 weeks.
_Food stamps: A boost for benefits.
_Medicaid: Democrats gave up on including Medicaid payments to states.
_Low-income heating subsidies: Democrats are surrendering the fight to include them.
_Infrastructure spending: Spending on transportation or repair projects already under way is off the table.
So just to be clear, the tax cuts that benefit all of the citizens are out, but we will pay for someone that bought a house they couldn’t afford!
Via Michelle
“It is time to pay the bill. It is that simple.”
Both sides agreed to allow Fannie Mae (FNM) and Freddie Mac (FRE) - government-sponsored companies that are the two biggest U.S. financers and guarantors of home loans - to buy loans much larger than the current $417,000 limit, aides and lobbyists said. Frank said that lending cap might reach as high as $700,000 in areas with the highest home prices.
Pelosi’s decision to drop expanding unemployment payments and more money for food stamps - which many lawmakers had assumed would be included in the package - could prove very controversial with Democratic constituencies such as unions, who were already stung by a decision to deny states more money for their Medicaid programs.
January 24, 2008 - 08:42 AM on January 24th, 2008
[...] Right Voices placed an observative post today on Stimulus Package: IN= Allowing Fannie Mae and Freddie Mac (FRE) to buy loans larger than $417,000..Out=Permanent tax cutsHere’s a quick excerpt [...]
January 24, 2008 - 09:20 AM on January 24th, 2008
[...] Right Voices put an intriguing blog post on Stimulus Package: IN= Allowing Fannie Mae and Freddie Mac (FRE) to buy loans larger than $417,000..Out=Permanent tax cutsHere’s a quick excerpt [...]
January 24, 2008 - 08:06 PM on January 24th, 2008
Exactly WHY are the US Taxpayers only bailing out people who bought $417k+ homes? You have to make in excess of $150k a year to even qualify for a mortgage that large. Even at a high interest rate, anyone qualifying for a loan that large should still be able to pay it unless they loast their job. I fail to see how someone making in excess of $12,500 a month is facing losing their home when their mortgage probably doesn’t exceed $5000 a month. Wouldn’t it be more prudent to bail out the people who are overextended on the $150k - 250k mortgage range? The average home in the metro Phoenix area is valued at over $210k. I would guess that this will only help those in either VERY high cost of living areas or people with the means to make their payments and hopefully the brains to have actually READ their good faith estimate. It doesn’t take much to look at a good faith estimate (which is required by law) and see that the payments will be increasing substantially in as little as 3 months. I almost laugh when I read that good faith estimate. Obviously there are people who are stupid enough to accept that loan, I wasn’t one of them.
January 24, 2008 - 11:19 PM on January 24th, 2008
This is complete crap.
Folks were preen just month ago that Bush’s economy is so great, yet here is orchestrating a bail out.
And what a bail out it it. Belief it or not, this is taxation plain and simple, not a tax rebate. The definition of taxes is redistribution of wealth by the government.
Anyone get this?
January 25, 2008 - 05:27 AM on January 25th, 2008
Ted, I think all of us get this and it is what we have been saying..
January 25, 2008 - 08:37 AM on January 25th, 2008
5.
I mean the “Folks were preening just month ago that Bush’s economy is so great, yet here he is orchestrating a bail out.” part.
January 25, 2008 - 02:09 PM on January 25th, 2008
This bailout is stupid and will do nothing..People that bought too much house or never had the capability of repaying the loan were given thousands of dollars..that we are repaying for them..
That rate cut this week is exactly what the economy needed to help the banks out and stimulate the trading…
January 25, 2008 - 03:45 PM on January 25th, 2008
The economy is self correcting. All this does is delay the inevitable, actuctally makes it worse. We wiol feel more poain in the long run becasue of the government itervention.
LOL…I guess it doesn’t matter. With Hillary as the next Prez, we’re gonna feel a lot of pain anyway. It’s something that has to be done.