President Obama went out to Falls Church, Virginia to tout his $5 billion to $10 billion plan to help homeowners refinance. The proposal, sketched out in last week’s State of the Union address, could provide relief to many locked into high rates by their homes’ sagging value. But it doesn’t look like it will overcome Republican opposition.
Democrats also introduced today the “Paying a Fair Share Act of 2012,” longhand for the “Buffett Rule” that Obama also raised in his address last week. The idea is that millionaires would pay a minimum 30 percent effective tax rate. It has almost no chance of passage in a Republican-controlled House that has sworn off tax increases.
Sure, this kind of political theater is part of the Washington spectacle. But we thought it was best to tell readers to sit back and enjoy the show – rather than start making plans for the future.
Here are our top stories from Washington…
Obama presses Congress to step up aid for homeowners
President Barack Obama pressed lawmakers to back a $5 billion to $10 billion plan to help U.S. homeowners refinance, part of an election-year package that is unlikely to overcome Republican opposition in Congress. Obama moved to counter Republican criticisms that the proposal would use taxpayer money to bail out irresponsible borrowers by stressing that only homeowners current on their payments could benefit. The president had sketched out the plan in his State of the Union address last week.