Unemployment Insurance Extended By House
May 29th, 10The US House passed $112 billion worth of legislation that will extend unemployment, restore tax breaks and raise taxes on mangers of buyout funds and other investment partnerships. Now the legislation will move to the Senate next week. “It’s a good bill for jobs, it’s a good bill for closing tax loopholes, it’s a good bill for dissuading people from taking jobs overseas,” Majority Leader Steny Hoyer, a Maryland Democrat, said on the House floor before the vote, according to Business Week.
Without this legislation some benefits for the unemployed will end on May 31, but with this new plan the benefits will be extended through the end of November. Unemployment is still sitting around 10 percent with roughly half of those without jobs being out of work for 27 weeks or more. Earlier this year unemployment payments expired for some Americans, but when lawmakers agreed on an extension the payments were made retroactive. Passing this legislation in the House wasn’t without turmoil, according to the Associated Press.
Fiscally conservative democrats weren’t happy about adding to the country’s $13 trillion in debt. “With this vote, we can help families across the country and continue the path we set out on last year to help dig the country out of a terrible recession,” said Rep. Louise Slaughter, D-N.Y, according to the Associated Press. The bill includes $58 billion in tax increases to pay for some of the benefits. “This is not a jobs bill,” said Rep. Wally Herger, R-Calif, according to the Associated Press. “It is just another extension of the ‘tax too much, spend too much, borrow too much’ philosophy that we have come to expect” from Democrats.
Tags: unemployment benefits, Public finance, Unemployment, wally herger, Tax, vote
Please enter message here…I have been a resident of Ohio all my life, never been unemployed since I was 16, I’ve worked my whole life had 3 children and a steady job. When I lost my job in Jan 2009 I was devastated, I had been there 33 years, In 2007 I was diagnosed with cancer and arthritis, I had cancer surgery and I am now cancer free, I pay for my medical insurance thru Cobra which is about to expire. I can’t believe that congress, acts as if they do not want to help the American people, its absurd, we can’t even make ends meet with what unemployment gives us, can’t take a vacation, I have drained my 401 just to get by, and they indicated to us unemployed people to have a wonderful memorial week-end. That’s gratitude for you, and I sincerely did enjoy listening to Nancy Pelosi, until here speech about Tier 5, has she ever been without.