The United States Senate passed H.R. 1586 yesterday, which provided a $26.1 billion fiscal aid package that will increase Medicaid and education funding to states in order to prevent thousands of public sector layoffs. The House of Representatives will be called back from recess on August 10th to provide the final vote on the aid package. The $26.1 billion cost of H.R. 1586 will be offset by the international tax revenue raisers which could have been used to off-set the American Jobs and Closing Tax Loopholes Act of 2010 (the extenders bill). If the House of Representatives is able to pass the aid package, other proposals such as the “Extenders Bill” will be harder to pass due to the loss in source of revenue.
By way of example, the 2009 Programs in the Extenders Bill, including the Low Income Housing Tax Credit exchange program, provided $20,550,443 (as of July 31, 2010) to the Delaware State Housing Authority (DSHA) for affordable housing programs in Delaware.