Earlier today, I argued that the Homebuyers Tax Credit was a stupid idea. After excerpting from an excellent critique of the policy by the nonpartisan Tax Policy Center’s Howard Gleckman, I added:

But of course, what we really need is more deficit-financed stimulus spending. We have so much empirical evidence — more every day, really — that pulling forward so much future demand by spending tomorrow’s income today is really a good idea.

Hey guys? I was being sarcastic:

With the deadline looming, the House passed 409-5 a bill to give homebuyers an extra three months to take advantage of a federal tax credit.

409-5.

What is it that Derbyshire guy is fond of saying around here?

Update: Several readers have e-mailed to inform me that the bill merely gave buyers who signed a contract to buy a house prior to April 30th an additional three months to close the sale without losing eligibility for the credit. Never having bought a house, I wasn’t aware of the difference between signing and closing. So I guess this isn’t as bad as I thought.