WKU Public Radio News Staff
Wed August 25, 2010
Senate Minority Leader Doubts that a New Tax Credit Will be Approved for First Time Home Buyers
By Dan Modlin
Bowling Green, KY – As the sale of existing homes hits its lowest level in fifteen years, some have suggested that Congress should consider a new tax credit for first time homebuyers.
U-S Senator Mitch McConnell of Kentucky, the Senate Minority Leader, says such programs can provide short term opportunity for some people, but he doubts that they are effective at "getting the private sector going." The Republican from Louisville says he doubts that its a good idea for the federal government to use such "pump priming" programs at this time.
Some housing industry analysts have pointed to the expiration of a first time homebuyer tax credit in April as a contributing factor in the decline in the sale of existing homes.