Hope alive for extension of tax credit deadline

Bill to push back June 30 deadline mired in deficit debate

The National Association of Realtors hasn’t given up hope that lawmakers will resurrect the National Flood Insurance Program and extend the deadline for closing on a home purchase to qualify for the homebuyer tax credit past June 30, although a bill that would have accomplished both those goals has become mired down in a Senate debate over deficit spending.

The battle over HR 4213, the "American Jobs and Closing Tax Loopholes Act of 2010," has raged for eight weeks, with Senate Democrats failing Thursday to get the 60 votes needed to end debate and hold a vote.

Republicans object to the bill, which would extend emergency benefits for millions of unemployed workers and tax breaks for businesses that are scheduled to expire, because of its potential impact to the national budget deficit.