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In coming months, Congress will begin an epic struggle to get the federal budget deficit under control. One tax break almost certain to come into play is the mortgage interest deduction.
Both President Obama and his Republican rival, Mitt Romney, have suggested ways to scale back the deduction's value for wealthy taxpayers. And many economists are cheering them on, saying that now — when interest rates are low — would be a great time to reduce or even phase out the deduction.
"If we are going to have a serious effort at reform, this will have to be considered," said Mark Luscombe, principle federal tax analyst with CCH Group, a tax services and software firm.