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Mortgage & Housing Market News from HSH.com
February 24th, 2009

Washington Announces More Spending

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Leaders in the House proposed a 2009 spending plan — increasing the focus back on Democratic spending measures that they feel had been “neglected” under the previous Republican administration.

While the shift in the White House’s omnibus spending bill can be expected under a new administration, the $410 billion plan came under direct Republican criticism as excessive and untimely, as it would increase by 8.7% from 2008.

The most significant increases are directed at healthcare, low-income assistance, environmental and energy programs:

“The bill works in harmony with the economic-recovery package, making investments that address the country’s immediate needs while investing in our long-term economic strength,” said Kirstin Brost, spokeswoman for the House Appropriations Committee.

Republicans don’t necessarily agree:

“Out-of-control government spending is not the answer to helping Americans get back to work,” said Rep. Mike Pence (R., Ind.). “The excessive borrowing only ensures future generations of Americans are burdened with unsustainable debt.”

The House is scheduled to vote on the plan this week, and the Senate next week.

Should the new administration increase spending during such an economic downturn already saddled with high-priced spending bills?

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About the HSH Blog

HSH.com's daily blog focuses on the latest developments in the mortgage and housing markets. Our mission is to relate how changes in mortgage rates and housing policy, as well as the latest financial news, impacts consumers, homebuyers and industry insiders alike. Our 30-plus years of experience in the mortgage industry gives us an edge as we break down the latest changes in an ever-changing market.

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Tim Manni

Tim Manni is the Managing Editor of HSH.com and the author of their daily blog, which concentrates on the latest developments in the mortgage and housing markets.

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