Washington, D.C. – November 5, 2009 – (RealEstateRama) — U.S. Representative Rick Larsen (WA-02) voted today to approve a package of unemployment insurance benefits and tax credits for first-time homebuyers and businesses facing financial losses. The bill passed the House of Representatives by a vote of 403 to 12.
“Congress must continue to do everything possible to create jobs, help those hurt the most and strengthen the foundation for our economic growth.”
“Today’s vote extends successful programs like unemployment insurance and the first-time homebuyer tax credit that were included in the economic recovery package that Congress passed in February. Because of these programs, and the hard work of the American people, we are working our way out of a recession,” said Larsen.
The legislation passed today extends unemployment benefits an additional 14 weeks for all states, and an additional six weeks for those in states that have been hit the hardest by the economic downturn – including Washington state. According to the economist Mark Zandi, extending unemployment benefits is one of the most cost-effective and fast-acting ways to stimulate the economy because the money is spent quickly.
The bill also extends the $8,000 first-time homebuyer credit through April 30, 2010, and expands the program by providing a $6500 credit to new purchasers who have been in their homes for five or more years. It also increases number of people who could be eligible for the tax credit by raising the income cap to $125,000 for individuals and $225,000 for married couples.
“Extending unemployment benefits helps nearly 18,000 residents in Washington state who have been hurt most by the economic downturn and gives a another needed boost to our economy. Not only does this bill extend help so that folks in my district who are looking for a job can keep paying the bills, it fuels the housing market and local businesses as well.”
Larsen had previously called upon Congress to take up and pass the extension of these programs by joining over 150 Representatives in sending a bipartisan letter calling on House leadership to extend the homebuyer tax credit before it expires. The first-time homebuyer tax credit is set to expire on November 30, 2009.
Larsen also expressed the need to extend certain recovery programs. He urged his colleagues to take a number of specific actions to help families hurt most by the recession including the extension of unemployment benefits and health benefits under COBRA.
“With unemployment in Washington state at 9.3 percent, I continue my work to ensure Congress is doing everything it can to save and create jobs. Today’s vote will be another important step that Congress has taken to get our economy back on track.
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For Immediate Release
Contact: Amanda Mahnke
(202) 225-2605
