A gap of almost $250 exists between the states reaping the highest per person benefit from the mortgage interest deduction and those with the lowest such figure, according to a Congressional Research Service report highlighting the tax break’s uneven distribution.
Redrawing the lines of congressional districts in California could end the terms of legislative sisters Linda Sanchez and Loretta Sanchez , and still leave the nation’s most-populous state with 35 Democrats in the House of Representatives, two more than it has now.
Failure to resolve the euro-area crisis could result in a renewed global economic weakening and weigh on U.S. trade, said Charles Collyns, the Treasury Department’s assistant secretary for international finance.
A House subcommittee approved a slate of Republican-backed bills aimed at the broken U.S. housing finance system as lawmakers said Congress was far from devising a coherent plan to overhaul Fannie Mae and Freddie Mac.
The top Republicans on the House Financial Services Committee will support Alabama Representative Spencer Bachus ’s bid for the panel’s chairmanship over a challenge from Representative Ed Royce of California, according to two House aides briefed on the matter.
The federal government’s role as the backer of most U.S. home loans is becoming entrenched as fiscal issues distract Congress and the White House from a housing- finance overhaul that would shift more risk to private capital, according to lawmakers and analysts.