Home-buyers' tax cut raises cost of stimulus bill - KWWL - Eastern Iowa Breaking News, Weather, Closings

Home-buyers' tax cut raises cost of stimulus bill

WASHINGTON (KWWL) - The Senate is set to start back to work Thursday morning on an economic stimulus package that grows larger by the day.

Officials say the price tag is topping $920 billion, making it bigger than last year's financial industry bailout.

A homebuyer's credit aimed at helping the crippled housing industry was added to the package on Wednesday.

Democratic leaders are hoping for Senate passage of the bill by Friday. Prospects appear to hinge on spending reductions that would make the bill more acceptable to centrists of both parties.

Meanwhile, Senate Republicans say they'll continue their efforts to reduce spending in the measure, to add tax cuts and reduce the cost of mortgages for millions of homeowners.

Online Executive Producer Nate Leding

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