Posted by Congressman John Campbell at 12:00 am on Jan 24, 2008 2 Comments
You no doubt have heard about the Stimulus Package agreement
between Speaker Pelosi, Minority Leader Boehner and Treasury
Secretary Paulson that was announced today and is supported by the
President. I won’t go through all the specifics of it directly
because you will hear and see that almost everywhere over the next
24 hours. But I would like to give you what I see as the pros and
cons of the thing. First of all, the good stuff:
•Raises FHA loan limits to $750,000 and also raises the
"conforming" or "jumbo" home limits on loans guaranteed by Fannie
Mae and Freddie Mack to the higher of $625,000 or 150% of the
median house price in a market. This will help to free up more and
cheaper home loan money in high cost areas like Orange County. This
should help ease the housing crisis.
•Gives some taxpayers with adjusted gross incomes of less
than $75,000 (single) or $150,000 (joint) some of their tax money
from 2007 back.
As far as I can tell, that’s it on the good side. On the bad
side, here goes:
•Gives roughly 35 million people who paid NO FEDERAL
INCOME TAXES AT ALL a check for $300 per person in their… Read More