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A few days ago, White House press secretary Robert Gibbs first spoke about extending the $8,000 tax credit for first-time homebuyers, which is set to expire on Nov. 30.
Now, Senator Ben Cardin (D-MD) and several other senators—-John Ensign, Harry Reid, Johnny Isakson and Debbie Stabenow—-have introduced a six-month extension of the tax credit.
In a statement posted on his website, Cardin called the move a “fiscally responsible way to provide adequate time to nudge even more prospective home buyers off the sidelines and closer to owning their part of the American Dream.”
The same press release states: “Nearly 530,000 Americans have applied for the tax cut to help them purchase their first home,” according to data from the Treasury. “About 40 percent of all home buyers this year will be eligible for the tax credit.”
Image by Knellotron, Flickr Creative Commons