"Congress trying to solve how to pass unemployment benefits extension" - Thehill.com

[CrownPrinceBandar]

"The task of passing a bill to continue an unemployment insurance extension got a little harder Monday while more than a million people stand to lose their benefits within days.

The early morning passing of Sen. Robert Byrd (D-W.Va.) leaves Democrats three votes short of passing a tax extenders bill that included a $33 billion six-month extension of unemployment benefits, which has stalled out in the upper chamber..."


Very interesting points:

"The Congressional Budget Office has said every dollar in unemployment benefits, is worth a $1.90 to the economy.

In the past, unemployment benefits have not only been routinely extended without being offset but have remained in place until the unemployment rate reaches lower levels, somewhere between 5 and 7 percent. Economists have said the U.S. rate could hover around 8 percent for at least the next year of not longer..."(emphasis mine)

http://thehill.com/blogs/on-the-money/domestic-taxes/106071-congress-trying-to-solve-how-to-pass-unemployment-benefits-extension

OUCH!

[prolesunited]

1. Yes, because only Dems' constituents are out of work

The GOP's constituents all have jobs.

We are definitely heading for a double dip if Congress doesn't move on this. Unemployment money is NOT saved. It goes straight back into the economy.

We'll also have another wave of foreclosures.

[CrownPrinceBandar]

2. UPDATE: "House rejects extension of unemployment benefits" (AP)

"WASHINGTON — The House has rejected an extension of unemployment benefits because of concerns about the growing national debt, meaning payments will continue to phase out for more than 200,000 people a week.

The last extension expired at the end of May. House Democrats said more than 1 million people who have been laid off for long stretches have already lost benefits.

The bill would have extended benefits through the end of November, at a cost of $33.9 billion.

Democrats brought up the bill under a special procedure in which no amendments were allowed and debate was limited. Under the procedure, the bill needed a two-thirds majority to pass."

Read more: http://www.gazette.com/articles/washington-100979-benefits-extension.html#ixzz0sGxE6w1s

Its official. We're screwed.