Sen. Conrad: Obama Bid To Limit Mortgage-Interest Deduction May Be Killed
Sen. Kent Conrad (D-N.D.), chairman of the budget committee and the man charged with ushering President Obama's $3.6 trillion budget through Congress, is unhappy with a couple of the budget items.
In an interview on CBNC just concluded, Conrad was asked about a provision in the budget that would limit mortgage-interest deduction for the wealthy -- a move criticized by many as exactly the wrong thing to do when you're trying to bolster a crashed housing market.
Conrad agreed that the proposal is probably the "most controversial" part of the budget, and it "may well not survive" after Congress is finished with the budget.
Conrad, whose home state is heavily dependent on farming, also said that he will oppose the budget's attempt to reduce agricultural subsidies.
February 27, 2009; 12:17 PM ET
Categories: The Ticker | Tags: Obama, agribusiness, budget, mortgage interest deduction
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