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Last week at my other tax blog: Housing tax break costs; Minnesota's budget crisis

Everything right now is all about the deficit, including my posts last week at my other tax blog.

Bankrate Taxes Blog icon The longer Congress and the President take to agree on where to trim the budget and who should pay more taxes, the closer some sacrosanct tax benefits get to entering the mix.

Among the tax benefits generally thought to be untouchable, but which eventually might come under consideration are the many tax breaks connected to homeownership. A recent study by the Pew Charitable Trusts of the costs and benefits of housing tax subsidies. found that the top home-related tax breaks cost around $304 billion in fiscal year 2010.

That's a lot of budget balancing potential.

Meanwhile, Minnesota's budget crisis offered a preview of what could happen if Congress doesn't reach a deal on increasing the federal debt ceiling.

The political and tax policy battle lines in the North Star State are almost identical to those in our national capital. That's not comforting.

Here's hoping the folks in D.C. are paying attention.

Catch up on the details over at my Bankrate Taxes Blog.

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