The unemployment is pegged at 7 million people and the Senate seeks an Unemployment Extension Bill, June 30, 2010 in order to help those unemployed cope with the economic situation until they find a job. A new stimulus package failed passage in the U.S Senate since they are short of one vote. The shortage of vote is due to the passing of Democrat Senator Robert Byrd.
Seeing that situation, Sen. Harry Reid (D-Nev.) and Max Baucus (D-Mont.) introduced a new unemployment extension bill. The bill includes an extension of the period in which home buyers can close on a house and claim the homebuyer tax credit. The said change was already agreed in the House, among other provisions.
Sen. Baucus defended the bill saying, “Folks in Montana and across the nation are struggling to find jobs in this tough economy, and every day these benefits are lapsed is another day Americans worry how they will feed their families while they look for work.”
Baucus then invited her Senate colleagues to support the bill and hopefull have bi-partisan support, a feat that was not achieved in this Senate though. Bacaus said in his press release, “I urge my colleagues to stand with us to support American families and restore the unemployment insurance benefits that are often the only lifeline many workers have in this tough economy.”
This bill will be blocked by Republicans for sure since they are against any new bill that would increase the budget deficit.
If the Unemployment Extension Bill will be passed, it will extend federal unemployment insurance benefits through Nov. 2010, and the closing period for qualification for the homebuyer tax credit to Sept. 30. It is technically a substitute amendment to the killed jobs legislation.
0 comments:
Post a Comment