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Statement on President Biden’s Mortgage Worsening Tax Credit

March 11, 2024

Washington, D.C. – Ways and Means Chairman Jason Smith (MO-08) issued the following statement on President Biden’s proposed Mortgage Worsening Tax Credit that would make it even harder for Americans to buy and keep a home by further driving up the cost of housing in America.

“The President’s proposal is an admission that mortgage rates are too high. But the President has no one but himself and two years of complete one-party control in Washington to blame. In his first two years in office, President Biden and congressional Democrats increased spending by $10 trillion. In return Americans got a 17 percent inflationary increase and the highest run up in interest rates in 40 years. 

“Unfortunately, this misguided response to the interest rate crisis the President created will do nothing to lower the cost of mortgages, will actually drive up the cost further of trying to own home, and may result in triggering another financial crisis. The last time this bad idea came up, the left-leaning Mother Jones reported that economists said it could well reinflate the housing bubble that helped cause the 2008 financial crisis.”