White House Mum on Extending Tax Credit

Even though industry groups are clamoring for elected officials to extend the $8,000 first-time homebuyer tax credit past its November 30 sunset date, the White House said Tuesday it has yet to make up its mind on the issue. White House press secretary Robert Gibbs said the tax credit has "helped the economy" and an extension is under consideration as the President looks for ways to create more jobs. "Obviously, there has been quite a bit of success" in the program, Mr. Gibbs told reporters. Housing and mortgage industry groups are urging Congress to extend the credit for another year. Meanwhile, the National Association of Home Builders wants to expand the tax credit to all home buyers. "We stand ready to work with President Obama and Congress to extend and expand the tax credit," said NAHB president Joe Robson. The House Ways and Means Committee is expected to begin work on a tax credit extension bill in a few weeks. Due to the costs of the program and budget constraints, some insiders are betting Congress will go along with a six-month extension.