Another housing policy issue that is threatening the housing market is the mortgage interest deduction (MID).  While the debt ceiling agreement signed into law on Aug. 2 has no revenue provisions and makes no changes to MID or any other tax/revenue rules, we’re not out of the woods yet.  In fact, new authority has been created that could make it easier for Congress to make tax law changes.  A new “Super Committee” has been directed to identify up to $1.5 trillion in additional deficit reductions over 10 years before the end of 2011.  The California Association of REALTORS and National Association of REALTORS will continue to work with Congress to preserve this important real estate tax provision.