Bankruptcy Out of Senate Housing Bill

The controversial bankruptcy provisions appear to be out of the Senate housing bill, The Hill’s J. Taylor Rushing reports.

Debate over bankruptcy measures had stalled talks on the issue for weeks, as Rushing reported in Wednesday’s paper. Senate sources say that the issue will get an up-or-down vote as an amendment. The base bill will emerge on the chamber floor later this afternoon, they said. Majority Leader Harry Reid (D-Nev.) plans to announce the bill’s details at 5 p.m.

It’s expected to be heavy on tax credits, like the $15,000, three-year credit proposed by Sen. Johnny Isakson (R- Ga.), though the credit’s exact amount will be revised. Majority Whip Dick Durbin (D-Ill.) had been pushing for the bankruptcy provisions.

A final vote isn’t expected until mid-next week.