After weeks of wrangling, the Senate earlier this week voted on an extension of unemployment benefits, signed yesterday by President Obama. The extension will impact nearly 2 million Americans who were facing the end of their benefits between now and the end of the year. The bill will extend unemployment benefits by 14 weeks across the board and, in hardest hit states, for 20 weeks. Senator Boxer said:
This bill comes at a critical time when millions of Americans and at least 170,000 Californians are at risk of losing their unemployment benefits. Extending benefits will not only help laid-off workers support their families while they look for jobs, it will also provide a boost to our economy.
The bill also extends tax credits for first time homebuyers and tax relief programs for military, Foreign Service and intelligence communities.
Studies show that the extension of unemployment benefits will also help continue to the recovery of the economy. Because every dollar spent on unemployment benefits returns $1.61 in new economic demand, the Congressional Budget Office has determined that the cost of the extension will be fully offset.
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