The National Commission on Fiscal Responsibility and Reform decided against sending the national budget reduction plan to congress this past Friday. The votes needed to present the plan to congress were required to have 14 out of the 18 member of the commission to approve it and only 11 voted yes. Originally, the budget reduction report was estimated to save $4 trillion over the next 10 years by such measure as cutting Social Security benefits and Medicare and raising gas taxes. The part of this plan that really upset real estate professional was mortgage interest deduction where the deduction was proposed to be turned into a 12 percent credit available to all home owners. Mortgages were set to be capped at $500,000 and interest on second home and equity loan mortgages would not be eligible for this. You can view the entire 66 page report that was released on December 1st.
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