U.S. Senators Push for Homebuyer Tax Credit Extension

A handful of lawmakers are pushing for a six-month extension of the $8,000 first-time homebuyers tax credit.

The credit, set to expire Dec. 1., was introduced last year as a way to spark a rebound of the sluggish housing market. Sen. John Ensign, R-Nev.; Sen. Harry Reid, D-Nev.; Sen. Benjamin L. Cardin, D-Md., ; and Sen. Debbie Stabenow, D-Mich., introduced a bill Wednesday evening pushing the extension.

To date, nearly 530,000 Americans have applied for the tax credit to purchase their first home, according to data from the U.S. Treasury. Around 40 percent of all home buyers in 2009 are eligible for the credit.

Personally, I think the bill may or may not pass. Our government has spent billions of dollars in the past few months trying to stabilize the economy and creating new jobs. The banks bailout, cash for clunkers program and tax credits burn a big hole in the fiscal budget. Do we have more money to spend? Hard to guess...