Power Breakfast: Senate OKs unemployment extension and home-buyer credit, major toll projects, CNN, Toyota, Intel

When Democrats and Republicans want to work together, they certainly know how.

The U.S. Senate late Wednesday unanimously passed legislation extending unemployment benefits and also significantly expanding a homebuyer tax credit that was championed by Republican U.S. Sen. Johnny Isakson of Georgia, AJC reporter Bob Keefe writes.

The Senate voted 98-0 to extend unemployment benefits for the jobless by up to 20 weeks. In states with unemployment rates of 8.5 percent and above — in Georgia the unemployment rate is 10.1 percent — the jobless could receive up to 99 weeks of benefits, which average about $300 per week.

As part of the unemployment package, the Senate also voted to extend an $8,000 first-time homebuyer tax credit through April 30, Keefe reports.

The homebuyer tax credit program, which is currently set to expire Nov. 30, also would be expanded to give all homebuyers a $6,500 credit as long as they had been in their previous home for at least five years.

Also in the AJC:

In other media:

19 comments Add your comment

clyde

November 5th, 2009
7:01 am

I’m in favor of the extended unemployment benefits.People have to live.I am not in favor of subsidizing someone else’s house purchase.This tends to keep house prices artificially high and starts another swing toward another mess like we’re in now.

jh443

November 5th, 2009
8:06 am

“When Democrats and Republicans want to work together, they certainly know how.”

If they knew how to work together, this bill would have passed this bill a month ago at the first call for unanimous consent!

Clyde, I understand your reluctance to finance the subsidize of a home, but the tax credit really accomplishes very little of that, while at the same time placing the burden on everyone. I mean, come on… if you can afford to buy a house in the first place, is $8000 that big of a deal? Is it really going to be a “deal breaker” if it’s not available? I doubt it very much.

jh443

November 5th, 2009
8:08 am

oopsy… I meant to say:

If they knew how to work together, they would have passed this bill a month ago at the first call for unanimous consent.

jh443

November 5th, 2009
8:10 am

Geez… I need a proofreading addon for Firefox (not just spelling and grammar – but also something that can make sure that what I say makes sense. :)

I meant to say: “Clyde, I understand your reluctance to subsidize the purchase of a home…”

I need more coffee!

brandon

November 5th, 2009
8:11 am

this was needed i ran out of my extension at the begging of aug its been rough no jobs plus no money this will take some stress off me but i still need to find work ….

mari

November 5th, 2009
8:37 am

I am worried about how long it will take me to get a UI check. I am losing everything, home, phone, electric soon. I wish we could speed up this process to prevent people like me who have been barely hanging on from lossing everything we have. I gave up the car so now how am I going to go job hunting or get to work when I find one? I also had to give my dogs up because I can’t even feed my son so I had to make one of the hardest choices in my life. Dogs don’t know what recession means! My son will hate me forever I think.

Rick

November 5th, 2009
8:52 am

Oh Mari
I am so sorry. I know I lost everything during this recession ( material possesions. But to have to give up your dog ??? That is heartbreaking. Just lean on the Grace of the one above

Kevin

November 5th, 2009
9:02 am

I just bought a house a month ago, and must say that the $8,000 helped a lot. Not in the purchases of the home necessarily, but with the purchase of appliances, yard tools, and other big ticket items. I don’t believe that the credit was necessarily meant to increase the sales of homes, but rather those durable goods for homes. Durable goods begin one of the major components of the GDP. The credit has helped stir consumer spending and also assisted in helping the circulation of money.

gayle

November 5th, 2009
10:00 am

How quickly you see the funds will depends on which state you’re in. Fortunately, here in NYS the mechanism is in place, really fortunate because I should have five weeks retro if it works as they say it will. But in states that weren’t supporting this measure from the start it likely won’t happen as fast because they won’t be set up for it. Hope everyone is in a state with a plan.

Lady Martina

November 5th, 2009
11:12 am

I am so,so sorry for the pups and your son, what do they know…..do you think you can adopt them back ? at least try….the centers all full at the moment, they might just bend a rule or two…..
I have 16 rescued cats, once or twice they ate and I had cereal !!!!….I just hope the reps who were holding this up enjoy their Lexus, large house and steak for dinner, WE WONT FORGET….

cya

November 5th, 2009
12:34 pm

This is for show. Everyone is forgetting that the extensions expire Dec 2009. How can the Senate claim to be giving 14-20 extra weeks when there are only 7 weeks left until the expiration. This expiration effects the majority of the unemployed. Perhaps the Senators should unemployed after the next election since they obviously believe their constituants can’t do basic math.

Dennis Norman

November 5th, 2009
3:15 pm

Tax Credit Update – The bill was just passed by the House of Representatives – The President is expected to sign it into law today or tomorrow..I have complete details as well as links to the bill text in an updated post I just did at:

http://realestateconsumernews.com/financing/home-buyer-tax-credit-extension-update-house-passes-bill-on-to-president-for-approval/

Gina

November 5th, 2009
3:57 pm

This is much needed and long overdue! Also the extension doesn’t expire in December! It goes through next year.

jonathondauer

November 5th, 2009
9:44 pm

This guy is cray whoever wrote this. they didnt work together at all the rep. have blocked the passage for 6 weeks. They put prolly 100,000 americans to the street with there delay. do your research they do not care about the american people.

Craig

November 5th, 2009
9:56 pm

Does anyone know if the UI extension is available for those who will run out of benefits after this year? The previous tiers all required using them up before 12/26/09. What if you lost your job later in the year and won’t use them up in time? Will this new extension help them?

Dennis Norman

November 6th, 2009
10:31 am

Tax Credit Update – I updated my post to include a link to FAQ’s on the new credit..Also there have been a lot of good questions and answers on the topic which are there also…link to the update is:

http://realestateconsumernews.com/financing/home-buyer-tax-credit-extension-update-house-passes-bill-on-to-president-for-approval/

Most frequently asked question with an answer from the National Association of Realtors is:

Question: I am an existing homeowner. On October 25, 2009, I signed a contract to purchase a
new home. I have lived in my current home for more than 5 consecutive years and
am within the new income limits. I will go to settlement on November 20. If
President Obama has signed the bill by the time I go to settlement, will I qualify for
the new $6500 tax credit?

Answer: Yes. The existing homeowner credit goes into effect for purchases after the date of enactment
(when the bill is signed). There is no reference to the date of contract for the new credit. The
provision looks solely to the date of purchase, which is generally the date of settlement

Sue Rosen

November 10th, 2009
3:27 pm

Re:
Existing Homeowner Credit:
I purchased a home in March 2009, I had lived in my prior home for 10 years and I’m within the income limits.
Did I miss the boat or is this retroactive to the first bill?
Also, it was a 2nd home, does that count?
Sue

Cambridge Building Materials Supplies

November 12th, 2009
4:15 am

Power Breakfast: Senate OKs unemployment extension and home-buyer credit, major toll projects, CNN, Toyota, Intel

Thanks for sharing

[...] If they knew how to work together, this bill would have passed this bill a month ago at the first call for unanimous consent ! Clyde, I understand your reluctance to finance the subsidize of a home, but the tax credit really accomplishes …This Post [...]