H/T Calculated Risk:
WSJ: "To make room for added spending, the White House, joined by House Democratic leaders, is pressing to scale back certain Senate-passed tax breaks, including ... an $11.5 billion proposal to give car buyers a tax deduction covering local sales taxes and interest on auto loans, and a $35 billion proposal to create a new tax credit for home purchases."Update Wednesday afternoon: (h/t Manju):
"Working to accommodate the new, lower overall limit of the bill, negotiators effectively wiped out a Senate-passed provision for a new $15,000 tax credit to defray the cost of buying a home, these officials said. The agreement would allow taxpayers to deduct the sales tax paid on new car purchases, but not the interest on loans for the same vehicles".Update Wednesday evening (h/t Jeremy):
"The homeowner tax credit has been kept but significantly reduced. The Senate version proposed a $15,000 credit, double that of the House bill."But apparently we're not impressed: according to a new Rasmussen poll, nineteen percent (19%) trust members of Congress more on the economy than on their own judgment. 67% think they could do a better job.