12:45 PM EDT
Bill Pascrell Jr., D-NJ 8th

Mr. PASCRELL. The National Association of Realtors found that our legislation would generate about 1 million sales to first-time homebuyers and stimulate nearly $130 billion in increased economic activity. You tell me that that's not worth it in this economy.

Studies have shown that this will help reduce housing inventory by 900,000 homes, which will, in turn, stabilize prices.

This is a wise and necessary course to take. Because of this we also salute Chairman Rangel's leadership. I hope all my colleagues will enthusiastically support this proposal. It's good for America.