NAHB estimates that the $15,000 tax credit would boost home sales by almost 500,000

RISMEDIA, February 11, 2009-(MCT/RISMedia)-The Senate, with only scant Republican support, passed an $838 billion economic-stimulus plan Tuesday that would provide significant tax breaks for new car and home buyers but sharply trim billions in aid that states have been seeking. The vote was 61-37.

The House of Representatives passed similar legislation last month, and a negotiating committee of top congressional tax and budget experts plans to begin reconciling differences immediately.

Their goal is to produce legislation that costs no more than $838 billion -the House version was $819 billion - by the end of the week, so that President Barack Obama can sign it Monday, on Presidents Day.

The Senate vote came on a historic day, as the Federal Reserve and Treasury Department unveiled details of their effort to bolster the banking industry and credit markets and Obama took his stimulus campaign to Fort Myers, Fla., which has been rocked by the mortgage foreclosure crisis.

Related Link: http://rismedia.com/2009-02-10/senate-passes-stimulus-bill-real-estate-industry-reacts/

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