Well, it took almost 3 months, but Congress finally passed the bill today, on older version of which was passed by the House in May, after some considerable back and forth between the Senate and the House. The bill is HR 3221 (pdf), titled: “Housing and Economic Recovery Act of 2008″.
The entire bill is over 600 pages long. The table of contents is 7 pages. And technically, this is a bill that began its life over a year ago. Sponsored by none other than Nancy Pelosi. And apparently Bush is planning to sign.
He should not.
Touted by most of the media is the section that provides up to a $7,500 tax credit is 1,800 words. And the media manage to mention it …