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Tax credit for home buyers may be extended
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Senators agreed to extend an $8,000 tax credit for first-time home buyers and to offer a reduced credit ($6,500) to some repeat buyers. The credits would be available to buyers who sign sales agreements by the end of April. House leaders have also said they support extending the tax credit for home buyers.
A determination to protect the power over the purse was displayed as the House and Senate passed a bill preserving funds for a number of programs the White House had sought to cut. It was the latest move by lawmakers in both parties to support projects they consider important to their states. The bill, which will fund environmental programs, includes hundreds of earmarks. That spending comes despite President Obama's plea for lawmakers to scale back steering money to pet projects. AP
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