Obama Tells the Congress to Act Now

There is no time to waste as the economic recession keeps on bringing the number of foreclosures and the unemployment rate into high numbers. President Barack Obama urges lawmakers to act now and have the stimulus bill approved. He has strong case for the $800 billion stimulus package but legislators continue to debate in the Senate as the package cost keeps on increasing. There is no time to waste because each day that the stimulus is not yet there, the Americans are losing more and more jobs, homes, and savings. With all that is happening to the economy, it is the housing problem that has to be fixed first. Obama has rejected the need for more tax cuts and piecemeal measures so better measures must be made. To fix the housing industry, the Senate has to address the foreclosure issues, which keep on increasing as unemployment increases. One of the actions of the Senate includes a housing tax break in the stimulus measure, which is estimated to cost about $19 billion. Senate republicans are aggressive in adding tax cuts and reducing mortgage costs to keep homeowners from foreclosure. However, the bill's cost was not cut back. On the other hand, Sen. Jim DeMint has made a proposal that could replace all the spending with tax cuts but it was defeated. Another point of the debate also includes the Buy American provision which requires projects to be financed and built with local iron and steel, but Obama said the U.S. international trade agreement must not be violated. Also, the democrats turned back the attempt to provide up to $1,000 worth of tax cut for working couples even those who do not earn enough to pay taxes. The bill's new tax break for homebuyers and the 10 percent tax credit of the value of existing and new homes (limit of $15,000) are expected to help in reviving the housing industry, more especially in reducing foreclosures. Search foreclosed homes by city:

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