White House economic advisers are looking at the $8,000 tax credit for first-time home buyers and will make a recommendation to President Barack Obama as he decides whether to extend it, White House spokesman Robert Gibbs said Wednesday.

"The White House economic team is looking at the tax credit and evaluating the impact that it has had on home sales, and through that evaluation will have something to give the president," Gibbs said.

The tax credit program is to close at the end of November.