Momentum is really building to extend and even expand the tax credit for homebuyers.

Senate leaders are reportedly backing a plan to extend the $8,000 tax credit for buyers who purchase their first homes by the middle of next year and to even offer a $6,500 credit to homeowners who haven’t moved in five years.

And some heavyweights are also putting the pressure on.

U.S. Treasury Secretary Timothy Geithner and HUD Secretary Shaun Donovan are calling on Congress to extend the tax credit to help stabilize the housing market further.

“This credit has brought new families into the housing market and contributed to three consecutive months of rising home prices nationwide,” Geithner and Donovan said in a press release. “In extending the credit, we urge Congress to include strict measures to combat tax fraud and protect responsible homeowners.”

Supporters warn that if the tax credit disappears it will be disastrous.

But should we spend millions to artificially prop up a sagging industry with a tax credit that was supposed to be temporary?

Shouldn’t we just let the market naturally recover as employment numbers improve and consumer confidence builds?

Reduced prices have made home-buying more attractive in many markets.

The tax incentive is just icing on the cake – icing that’s becoming too expensive for this debt-saddled country.