Industry News

Dems can’t muster votes to expand stimulus plan

House, Senate agreed on raising conforming loan limit

Learn the New Luxury Playbook at Luxury Connect | October 18-19 at the Beverly Hills Hotel

Senate Democrats fell one vote short Wednesday in an attempt to expand a $146 billion economic stimulus plan approved by the House last week. Although the debate on the stimulus plan could drag on, House and Senate lawmakers see eye to eye on a temporary increase of the $417,000 conforming loan limit. A procedural vote to close debate on an amendment introduced by Senate Majority Leader Harry Reid failed to gain the needed three-fifths majority of 60 votes. The Nevada Democrat voted against his own amendment at the last minute in order to preserve his right to call for another vote. The resulting 58-41 vote fell along party lines, with only eight of 49 Republicans voting with Democrats and the Senate's two independents to expand the stimulus bill. Republican Sen. John McCain was absent. Reid's amendment would have trimmed rebate checks to be sent to taxpayers under the House bill in order to also send rebates to low-income families that don't pay taxes and Social Securit...