Thursday, December 9, 2010

Lame-Duck Session - #2460 House Dems Vote to Reject Tax Deal - The Hill-(2) Senate Democrats Delay Action on DREAM ACT - Yahoo(3) Dems Falling Into Line on Tax Deal? Hot Air - (4) Home Values to Drop by $1.7 Trillion This Year - Bloomberg

House Dems Vote to Reject Tax  Deal - The Hill.........The House Democratic caucus on Thursday rejected the tax deal negotiated between the White House and Senate Republicans. Posted 11:45 a.m.


Senate Democrats Delay Action on Young Immigration Bill - Yahoo .......


Dems Falling Into Line on Tax Deal? - Hot Air - The progressive wing of the Democratic Party may well have gone into revolt this week over the tax deal Barack Obama cut with the GOP, but the rebellion on Capitol Hill seems to be subsiding. More Democrats in both chambers of Congress have decided to throw their support to the deal, publicly as well as privately, even including some progressives. Harry Reid signaled victory for the White House by putting the bill on this week’s agenda, perhaps as soon as today: A wave of new Democratic support Wednesday signaled that President Barack Obama’s deal to renew the Bush tax cuts would make it through Congress, as long as most Republicans lined up behind it as expected. With Democrats in both chambers still angry about parts of the package, the administration scrambled to allay concerns and build momentum for the unusual deal with congressional Republicans reached this week. By the end of the day, the measure looked increasingly likely to pass, as Democrats stepped forward one by one to back it. Senate Majority Leader Harry Reid (D-Nev.) announced that he hopes to begin consideration of the bill as early as Thursday — a sign that the measure will receive a filibuster-proof majority.  Read more.......

Home Values to Drop by $1.7 Trillion This Year - Bloomberg - U.S. home values are poised to drop by more than $1.7 trillion this year amid rising foreclosures and the expiration of homebuyer tax credits, said Zillow Inc., a closely held provider of home price data. This year’s estimated decline, more than the $1.05 trillion drop in 2009, brings the loss since the June 2006 home-price peak to $9 trillion, the Seattle-based company said today in a statement. The drop in home values pushed more buyers underwater, meaning they owe more on their mortgages than their homes are worth, Zillow said. The percentage of homeowners with so-called negative equity reached 23.2 percent in the third quarter, up from 21.8 percent at the end of 2009. “With foreclosures near an all-time high in late 2010 and high rates of negative equity persisting, it does not appear that the first part of 2011 will bring much relief,” Stan Humphries, Zillow’s chief economist, said in the statement. “Government incentives can only temporarily hold back the tide.” Read more.......

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