Is Your Mortgage Deduction Federal Budget Roadkill?

President Obama's budget is understandably getting all the news attention. But, our mission is to focus on what's inside the paper, not on the front page. That's why we say, go read the lead story on the budget. THEN read these two pieces.

1) Your Mortgage Deduction May Get Dialed Back.

Here's why you care: The Wall Street Journal's Nick Timiraos has an important nugget from the President's proposed budget: Top earners could see their mortgage deduction dialed back should the budget pass. Ah, but who are top earners? As we like to say in the legal profession, that's a defined term. Which, of course, is another way of saying it can mean whatever the author wants it to mean. Read Timiraos' piece and decide for yourself.


2) The Fund that Insures Your Bank Account? It Needs Money.

Here's why you care: As most people know the FDIC insures your bank account, which is to say if the bank implodes, you still get your money. When the bottom fell out of the market the insurance amount was raised from $100,000 to $250,000. But, there's a problem: The fund that insures the accounts is based on payments from banks. And, because more banks have gone under, or are in trouble, the fund's size is dramatically smaller. What to do? The Washington Post's Binyamin Appelbaum explains the plan.