Conference Call compares House and Senate housing relief tax packages

The Center on Budget and Policy Priorities held a conference call today to compare the House and Senate housing relief tax packages. Call participants voiced their concerns about the lack of success both chambers of Congress have had to date in helping families decimated by the crisis concerning housing foreclosures and subprime mortgage rates.

Call participants discussed how the packages Congress has implemented to address the growing rate of housing foreclosures facing Americans “don’t meet the needs” of families seeking government aid. The discussion also focused on the importance of providing struggling families with tax credit, something the Senate bill does not address. Policy analyst Aviva Aron-Dine discussed how there are too many provisions that the relief package bills include (particularly the Senate version) that do not have anything to do with the housing crisis. Call participants explained that tax cuts the bills include for the wealthy are of no assistance to the poor who do not benefit from them.

Aron-Dine described the Senate bill as “extremely disappointing” and noted that while the House version is better, it still does not go far enough toward helping families in dire need of governmental aid. Aron-Dine explained that 60% of the Senate bill has nothing to do with helping solve the foreclosure problem. Call hosts also interestingly noted that forclosures destroy community life as well as family life, and that people renting homes have been affected by the crisis as well.