At this writing, the US House of Representatives and Senate are still scrambling to put the finishing touches on an economic recovery package, hours after reaching an apparent compromise on the measure President Obama hopes will jump-start the economy and create millions of jobs.

Negotiators of the stimulus compromise have most recently hit a snag in crafting provisions for education construction funding. The House already pushed off a vote until Friday the 13th. From there, the bill would head to Obama's desk for his signature.

Nothing has been made official, at this point the bill has still not been formally written and released in its entirety.

On a real estate related note, the proposed $15,000 tax credit for anybody buying a home over the next year was dropped from the package aimed at stimulating the part of the economy that started the economic down turn to begin with. Left in the bill would be a help for first-time homebuyers, allowing them to claim an $8,000 credit for homes bought by the end of August 2009.

Scaling back the bill to levels lower than either the $838 billion Senate bill or the original $820 billion House-passed bill caused grumbling among Democrats, who described the cutbacks as a concession to the moderates.

One thing is for sure though, when the final bill passes, we will be paying for the package for years to come. To quote the Beatles 1966 Revolver album song, “One thing is for sure though, the Tax Man Cometh”....

Dave Tipton- Diamond Dwellings Realty- Florida

813-653-1241