This week the President rolled out his budget. There was a lot of hand wringing and posturing about the size of the budget — now measured in trillions — and the size of the deficit it projects.
Can we please talk about something else? Torturing the underwear bomber (not to be confused with the shoe bomber)? Maybe the snow storm of the century (and possibly the 20th Century, as well) which hit DC with a vengeance? That’s something to talk about. Prince George’s County, MD has already blown through it’s budget for snow removal from the last storm. Now it looks like some of the politicians may have to call off their foreign “trade missions” to move some money around. Gasp! What is this world coming to?
Earmarks Galore For All But Housing
It seems that, once again, members of Congress are lining up to line the coffers of their favorite project back home. It doesn’t seem to matter if it’s a defense project the Pentagon doesn’t want. It may be a little premature but my guess is that even Scott Brown himself will be bellying up to the bar for a piece of well cooked pork for his Tea Party buddies back in the Bay State.
What I’m not hearing is anything about continued support for the housing market. It looks like when the tax credit deadline expires this time, it will really be dead. Of course, NAR is going to advocate for an extension. That’s what NAR does. Quite frankly, I’m not really sure it’ll do much good. Either NAR advocating for an extension or the extension, if one is granted. Perhaps NAR should devote it’s energy to other matters. Say, lobbying for more accessible financing and pounding in the last nail of the HVCC coffin.
In The End It Won’t Matter
No matter what NAR does or even what would make good fiscal sense, very little will get done and Congress will be dithering over the budget for the next year. They’ll pass some continuing resolutions to keep the Government running. They’ll scream and yell at each other and call each other names. Then we’ll have an election. Maybe then we’ll see something get done. But, I’m not holding my breath. It seems that no matter who is in the majority, those in the minority will obstruct and delay. Both sides have long memories and they all hold grudges.