Financial News: Senate Version of Economic Stimulus Package Clears Committee

The Senate Finance Committee has approved an economic stimulus package that must now go to the floor for a vote. However, some are concerned that the Senate may have slowed the process, thanks to changing some of the provisions in the House version of the bill. Inman News reports on some of the economic stimulus package changes in the Senate version:

The White House and House Democrats had urged Senate lawmakers not to slow implementation the $146 billion economic stimulus package by amending it to include additional tax cuts or relief measures. But legislation approved Wednesday in a 14-7 vote by the Senate Finance Committee includes amendments such as extending tax rebates to Social Security recipients.

Additionally, the Senate version does not include a temporary increase to the conforming loan limit.

So, if you are expecting a tax rebate, don't count on it any time soon. It probably won't come until May or even June. And if Congress dithers too much, it could take longer. And don't count on a conforming loan limit change to help boost the prospects of buying or selling a home in high-priced real estate markets.

Let the Congressional wrangling begin.

Tags: tax rebate, conforming loan limit, economic stimulus package, personal finance blog,
financial news, Senate economic stimulus, real estate markets