Obama Administration Pushes Extending College Tax Credit

The Obama administration is pushing to extend a temporary tax credit that helped lower the cost of college tuition for more than 12 million students last year.

The American Opportunity Tax Credit expanded the range of the existing Hope Credit to more Americans and covers a greater range of items, including computers and textbooks.

The tax credit is due to expire at the end of this year, CNNMoney said. Obama administration officials met with reporters to emphasize the importance of maintaining the credit, which would cost $58 billion over 10 years.

"[Obama] believes that it is important for this to be extended and for families to have the certainty and confidence that this [credit] will be there when they are making the choices about sending their children to college," said Gene Sperling, counselor to Treasury Secretary Timothy Geithner.

Congress enacted the tax credit as part of the stimulus bill.

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I think everyone forgets that Obama did not put in this mess. He is merely trying to get us out of it--as he promised in his campaign. Is he being successful--only time will tell. People are going to school because there are no jobs--they are using the financial aid to live on in the hopes that when they graduate, there will be jobs. We are in a depression, which will probably last 10 years before we come out of it...who will we blame then? Let's not forget most of this is due to greed and people spending beyond their means!

October 13 2010 at 2:52 PM Report abuse -1 rate up rate down Reply

Dear college students reading this article, in the last six months I've had four college graduates walk into my Tavern looking for bartending or waitressing positions, one graduated this year and the other three last year. Sorry there are no jobs and by the time jobs become available the skills you learned in school will be out of date and the employers who are looking will by-pass you and go for a younger, more up to date recent graduate. Next time, or I should really say, talk to your children in 20 years or so and try and convince them that they should be very, very, very careful who they vote for. Being able to give a flowery speech in not a qualification for president.

October 13 2010 at 9:28 AM Report abuse +1 rate up rate down Reply

Tax credits and stimulus spending. That is all he talks about. Printing money and giving it away will not build our economy.

October 13 2010 at 8:25 AM Report abuse -1 rate up rate down Reply