Congress could approve extensions of an $8,000 first-time homebuyers’ tax credit and unemployment benefits as soon as Nov. 3, Senate Majority Leader Harry Reid said.
Reid, a Nevada Democrat, said today he has scheduled a vote late on Nov. 2 to bring debate on the issues to a close and clear the way for approval by the Senate, followed by the House.
“The House said that they would accept that and that could be done as early as” Nov. 3, Reid said on the Senate floor. That “would be a great relief,” he said.
The legislation has been delayed by Republican demands for votes on several amendments, including one to ensure the end the Treasury Department’s Troubled Asset Relief Program by the end of the year. The Nov. 2 procedural move, if approved, would enable Democrats to ignore those demands and put the measure to a vote.
Democrats announced plans earlier this week to extend the homebuyers’ tax credit, scheduled to expire at the end of November, until April 30. The plan also would let more people qualify for the break, including some who already own homes and those with higher incomes. Bloomberg reporter Brian Faler has more.
