The following is straight from NAR — Congress’s Joint Select Committee on Deficit Reduction has failed to reach an agreement to cut more than $1 trillion in federal spending. By law, that will trigger across-the-board spending cuts:

The 12-member committee legally had until midnight November 23 to reach an agreement; however, any deal had to be submitted to the Congressional Budget Office for financial review by the end of the day yesterday (November 21).

Failure to meet the November 23 deadline means that automatic spending cuts will go into effect beginning in January 2013, unless Congress modifies the law. The cuts would reduce both defense and nondefense spending.

### The Realtor® perspective:

* Realtors® understand the essential role of deficit reduction in restoring the nation’s fiscal health, so that the country can move forward toward an economic and housing recovery.

* Congress must do no harm to housing. While deficit reduction is an important federal priority, it must not be achieved at the expense of a housing market recovery, which is essential to economic stability.

* NAR continues to oppose any tax reform plan that does not retain the deductibility of mortgage interest. NAR also opposes any effort that reduces its economic value to homeowners.

* Realtors® stand ready to defend and support the mortgage interest deduction as an important tax benefit of and incentive for homeownership.

### What Realtors® need to know:

* This should have no immediate impact on your residential and commercial clients and their ability to complete real estate transactions.

* NAR stands ready to defend and support the mortgage interest deduction as an important tax benefit of and incentive for homeownership, while Congress continues to seek ways to close the federal budget deficit.

* NAR understands the essential role of deficit reduction in restoring the nation’s fiscal health, so that the country can move forward toward an economic and housing recovery.

* While deficit reduction is an important federal priority, it must not be achieved at the expense of the housing market. Congress must do no harm to housing.

* NAR is actively engaged on behalf of Realtors® and the nation’s home owners and remains opposed any tax reform plan that alters the deductibility of mortgage interest in any way. NAR also opposes any effort that reduces its economic value to homeowners.