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Unemployment Compensation Extension Act Of 2009

Floor Speech

Date: Nov. 5, 2009
Location: Washington, DC
Issues: Housing and Property

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Mr. COURTNEY. Mr. Speaker, last fall, 2008, this country got a lesson in how central the housing market is to the American economy. When housing prices started to fall, the financial markets soon followed, and we are today now in the deepest recession since the Great Depression.

In the stimulus bill last February, we included a first-time homebuyer tax credit, which by all accounts has been a smashing success in terms of increasing home sales and stabilizing housing prices. The market, though, needs a little bit more time to nurture, and that is why, as has been said earlier, there is strong bipartisan support for extending this tax credit.

I, along with Congressman Calvert from California, put together a letter with 165 signatures in support of extending the tax credit. I salute the chairman and all the leadership who worked hard on a bipartisan basis to make sure that we are going to continue to grow the real estate market. That's how we got into this recession and that's how we are going to get out of it.

I urge strong support for the measure.

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