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Changing gears just when you thought it couldn't get any worse home prices are falling again sinking today.
To the lowest level they've been in eight years so what will it take to sell the housing crisis.
Two senators say they may have the answer.
Their proposing a bill that would give residence visas.
Residence visas to foreigners.
-- been at least 500000 dollars to buy houses here in the US with us now senator Mike Lee who was co sponsoring the bill with senator Chuck Schumer.
Senator welcome to the show tell me how this works.
Well if somebody wants to come into the United States and they wanna buy a home 500000 dollars in value or more or culmination of homes.
Equaling that value we're exceeding it.
Then they'd be entitled to visit that home they'd be entitled to late.
Non immigrant Visa so that they could spend some time and that home -- that's all it does I wanna be clear I I don't think that this is any kind of a panacea.
For our around housing in record for the housing market.
This is simply want to.
Many efforts that I'm undertaking in order to try to fix legal operation I don't think we're ever gonna fix the illegal immigration problem in this country until we -- -- -- illegal and this is a solution for two things the housing market and immigration and.
Yes OK and again I want to be careful not to oversell -- I don't see this is a panacea.
Our house and that YouTube is something many could help the question because I think this is a real bad drill down here.
Is that you set this limit at 500000 let me tell you the median home price in this country -- hundred change it's nothing like 500000.
Why don't you try to help the market at that level.
Well this is one way that we can encourage people to invest in the United States we have other elements of our immigration code.
That allow people at certain levels to come into the country assuming as would be the case still what this legislation.
That they can pass a criminal background investigation -- certain other threshold requirements that you have to -- in order to get any non immigrant Visa.
It is every that they are answering my question know why not 500000.
Threshold that's 500000 or higher.
Now that's -- because he's trying to say that seems to me this day.
What we really want to do is move high -- housing.
That's really where the problem -- the problems really at median housing and lower.
So we're talking about a big problem in housing.
For people who are middle class lower class people who can afford expensive housing so why target that demographic I don't get it.
Well that's part of why I keep saying this is not about fixing the housing problem this is about encouraging.
High net worth individuals to invest in the United States and make.
Large scale investments in the United States there are other areas and or immigration code which we already encourage people to make investments in the United States this is yet another one of those instances.
So -- I think HB one Visa issue attorney get people and -- you have something to you have some kind of talent or skills or they bring something to the table.
That would be helpful -- to be another piece of the pie that would assist.
With filling those gaps I guess that maybe even in the results apple.
-- yes -- -- this this search is a compliment to that if you make a significant investment in the United States in housing.
Work elsewhere -- as is already the case under existing immigration laws and we're going to give you some benefit me in terms of access to the United States with and non immigrant -- Well you know I think that's something of a mixed reaction to this -- and -- it kind of putting in on the back burner for awhile on the whole conversation.
Hopefully at some point gets moving again about the failure the super committee and what to do next.
And I I gotta ask you about that where are you going next and with that.
And mobile congress really come to grips with the issues that are facing it for the next four weeks which is.
What to do with a payroll tax what to do with the AMT patch what to do with the bush tax cut.
Well I along with any my conservatives -- colleagues in the senate and in the house will be focusing once again on the principles underlying the cut cap and balance.
Act that we introduced this summer.
It passed in the house it was tabled where it got to the senate we need something like that.
Particularly as we look for toward next year when our debt authority.
Our borrowing and -- -- will be reached yet again we need something like that right permanently structurally restrict congress' spending power.
But fortunately -- -- go anywhere last time it I mean well it passed the house our brilliant in Oregon and entertainment relying on to something -- don't -- -- look at now.
Again one of the reasons that they cable Clinton had to do with the fact that they didn't wanna face constituents.
Overwhelmingly favored and according to it source.
No more conservative than CNN.
66% of Americans favored it and that's one of the reasons why they wouldn't even let it come up for a vote.
That's what we need now more than out I think what we need now more than ever compromising you guys get in a room and hammering something out what are the prospects of that -- Look compromising it when it's put in the form of a question in a complete vacuum means nothing.
Compromise isn't a substantive and compromises and inevitability in any legislative process will always have compromise.
The question is what kind of compromise what I'm saying is the kind of compromise we need is one in which we draw -- line.
In which we say look there has to be some limit to how much of the American economy.
Can and should be controlled by the federal government the principles of cut cap and balance allow us to draw that line.
And and -- proceeds from that standpoint from that starting he feel confident that you can get done what you need to -- before December 31.
No no I -- but I'm not continue to push for that wow that's impressive what -- They -- it is depressing and I I think we've wasted a lot of time with this failed super committee process which I opposed.
From the very outset I think I think it.
Didn't make any sense forced it to do that in the first place but we are where we are and -- gonna continue to our first the principles that I believe will put us back chemistry and we trust you to do that.
Likely -- thanks for coming -- great interview really appreciate your time.
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