Another tax credit

I just read that there is legislation in both the Senate and the House that would expand the tax credit already in effect for first time home buyers from 8k to 15k for any buyer, not just 1st time home buyers that is currently in effect and runs out on December 2nd . It would also remove the income limits from 75k for an individual and 150k for a couple. As a real estate broker I am tickled pink as I think it will definitely help the housing market, but as a tax payer it scares me to give Americans their money back and get us further into debt. Another recommendation is to make the credit available only if you are purchasing a foreclosure or short sale property. That might be a good idea as it would help get these properties off the government's inventory and start bringing in money on them in the form of payments to lenders and further stimulate the economy.