They unveiled it this morning here on the Hill. Here are what I find to be the most interesting provisions — and frankly, I can’t see any reason why Obama couldn’t adopt some or all of them.
- A $5,000 tax credit for people who refinance their homes. This is designed to help people who are in trouble making their monthly mortgage payments.
- A $15,000 credit for homebuyers who put more than 5 percent down. This gives homebuyers an incentive to put some skin in the game when they purchase a home.
- Extends the real estate capital gains tax exemption not just to primary residences, but to investment properties as well. “If you invest in your neighborhood,” said Rep. Kevin Brady, “then we’ll invest in you.”
Despite having presented a wide variety of ideas’, the House Republicans’ economic working group has not seen any of its ideas adopted by the Obama administration. I asked Minority Whip Eric Cantor (R) about this, and he conceded that cooperation goes only as far as Speaker Nancy Pelosi (D) wants it to go. “The legislation is here in the House,” he said.
But the President of the United States can propose anything he likes. He can even start governing in a bi-partisan fashion, if he wants to.