New U.S. Debt Accord May Put Mortgage Interest Deduction at Risk as Policymakers Search for Savings
August 4, 2011
Faced with the daunting task of identifying $1.5 trillion in budget savings, lawmakers on Capitol Hill are likely to take a close look at sacred cows like the home mortgage interest tax deduction. The mortgage interest deduction is projected to cost the U.S. just shy of $100 billion this year, does little to incentivize buying homes and is in need of reform, according to experts on a panel sponsored by the Urban Institute and Brookings Institution. The mortgage interest reduction is one of the very, very biggest and certainly the most ...