US Senate Extends Homebuyers Tax Credit, Unemployment Aid : RushPRNews - Newswire & Global Press Release Distribution

 
Bookmark and Share

US Senate Extends Homebuyers Tax Credit, Unemployment Aid

November 5, 2009

WASHINGTON, D.C. (rushPRnews) 11/05/09 — By Lisa Ferdinando

The U.S. Senate has overwhelmingly passed legislation to extend unemployment insurance benefits to millions of Americans, and expand a popular tax credit to first time homebuyers. The House of Representatives is expected to quickly approve the measure and send it to President Barack Obama for his signature.

In an effort to provide another boost to the economy, the Senate passed the bill 98-0 late Wednesday.

Senator Max Baucus, a Democrat from the Western state of Montana, says the bill offers much-needed relief to nearly two million out of work Americans and extends unemployment insurance benefits in all 50 states. "Today we can be certain of immediate relief this bill provides that puts us one step closer to stabilizing and strengthening our economy for years to come and all of us are very proud of this very necessary step," he said.

The bill would also extend a popular tax credit program for first time homebuyers.

Baucus, who is chairman of the powerful Senate Finance Committee, says the program has already helped 1 1/2 million Americans purchase their home.

Senator Christopher Dodd says he believes the measure will help turn the economy around. The Connecticut Democrat, who is chairman of the Banking, Housing and Urban Affairs committee, said he believes the measure will create jobs and encourage consumers to purchase items for their new homes. "We believe, while it's not the total answer obviously, that housing in many cases got us into a recession and we've learned historically that housing will get you out of a recession," he said.

Baucus says it will be some time before the economy starts turning around, but the bill is a positive move forward. "Together these programs help us take big steps toward boosting our economy. We are not out of the woods yet. More work remains. News of recent economic growth is promising, but today we still have 15 million Americans chasing three million jobs," he said.

The bill extends unemployment benefits for an additional 14 weeks, while people in high unemployment states would get 20 weeks in additional benefits.

It also extends a popular $8,000 tax credit for first-time homebuyers for homes under contract by April 30. That program was set to expire at the end of this month.

And now, under the new legislation, homeowners who have lived in their current residences for at least five years may be eligible for a $6,500 tax credit on a new home purchase.


About the author:

Voice of America. The Voice of America, which first went on the air in 1942, is a multimedia international broadcasting service funded by the U.S. Government through the Broadcasting Board of Governors.

Click here to see all news from this author/company

Filed Under: Article-byline, BANKING AND FINANCIAL NEWS, BREAKING NEWS, Economy, U.S.A. Government

RUSH PR NEWS newswire and press release services at rushprnews.com / AH Marketing ahmarketinggroup.com

Content- Legal Responsibility - All material is copyrighted - You may repost but you MUST link back to the original post on your page and acknowledge Rush PR News as the news source. Rush PR News is not legally and/or morally responsible for content of press releases, opinions expressed or fact-checking.

Rush PR News cannot be held legally responsible for material published and distributed through its newswire service or published in its press-room and therefore cannot be sued for published material. Third-party must be contacted directly to dispute content.

Rush PR News is not the contact for material published.

RSSFeed PRESS & SOCIAL MEDIA RELEASES

Fast Lane Announces Global IT Security Training Partnership with NotSoSecure

Morrisville, NC 05/25/16 ·  - Business news -  Fast Lane Announces Global IT...

Publishing A Magazine To iPad Is Affordable With Twixl Publisher

Santa Cruz, California 05/21/16 · Fear Not: Solution is at hand to combat...

Losode.com making an impression in Virgin Media’s #VOOM 2016

London, United Kingdom 05/19/16 · Losode.com making an impression in Virgin Media’s  #VOOM...

Wayne Gretzky named A Great Canadian for the Canada D’Eh Run

Amherstburg ON 05/18/16 · Participants Voted And They Have Chosen The Great...

VOTE for Losode.com, an innovative fashion destination by Africans #VOOM 2016

LONDON, UK 05/16/16 · CROWDFUNDING CAMPAIGN-  Losode.com, an innovative fashion destination by...

Whom Can You Trust To Make Your Car Keys?

Toronto, Ontario 05/16/16 · Pop-A-Lock, the largest security network in North America,...

How to Fix Common Boiler Problems

Keighley, UK 05/14/16 · We ALL totally rely on our boilers to...

2016 Springtime Public Relations is Made Easy With PR Coupon

SAN FRANCISCO 05/14/16 · Spring 2016 is promising to be a time...

Fast Lane Joins the IoT Talent Consortium

Morrisville, NC 05/12/16 · - Fast Lane (www.fastlaneus.com) has accepted a role as an...

BOSS Mentors Give Local Young Women Entrepreneurial, Etiquette and Lifestyle Skills

Windsor, Ontario 05/10/16 ·  Best Opportunity to Support Self  – Manners and money...

Time to Replace Your Boiler Then Buy British with Ideal Boilers

Keighley, United Kingdom 05/05/16 · Ideal Boilers is a British Manufacturer based in...

BDO Announces Microsoft’s Jeff Edwards as Keynote Speaker at Connections 2016

TORONTO, ON 04/26/16 · BDO Solutions, award winning Microsoft Dynamics Gold Certified...

OIART Audio Engineering School Dominates Ontario College KPI's

London, Ontario 04/26/16 · The Ontario Institute of Audio Recording Technology (OIART)...