President Barack Obama signed into law the H.R. 3548 bill, The Unemployment Compensation Extension Act, this morning.
"The need for such a measure was made clear by the jobs report that we received this morning," said Obama this morning, referring to the government report that the jobless rate had hit 10.2 percent last month which is the highest rate since 1983.
"I will not rest until all Americans who want work can find work," he said to reporters. "Although it will take time and it will take patience, I am confident that our economy will recover. I am confident that we're moving in the right direction. And I promise that I won't rest until America prospers once again."
The law will extend unemployment benefits another 13 weeks to all who have exhausted their benefits or will do so by the end of the year. In states where the unemployment rate is 8.5 percent or more will get an additional six weeks.
The tax credits will extend the $8,000 credit for first-time home buyers to June 2010. The program will also include a $6,500 credit for existing homeowners who buy a new place after living in their current home for five or more years.
The other tax credit goes to business that lost money in 2008 or 2009. They will be able to get refunds on their taxes paid on profits on the five previous years.
Rep. Jim McDermot, D-Wash who is the lead sponsor of the bill said that "Congress must act again before the end of this year to continue the extended unemployment benefits that we are now improving."
Comments
Thank you Congressman McDermott and the other Democrat Senators efforts in getting this unemployment extension passed.
I am still outraged at the audacity of the republicans dragging this almost 2 months and finally voting yea with comments that it is good and they are supportive. Then why did they vote no for almost 2 months? Shame on every republican in America.
I would like to thank our President of the United States of American, President Orack Obama, the legislative committee, and the Senate of this great country, for considering further extending the emergency benefits and extending benefits for unemployed citizens as myself; after receiving 79 weeks of continuance benefits beyond the 26 wk timeframe. I've litterly exhausted all funds, traveling is impaired, the additional $25 enabled me to purchased a weekly $27 unlimited NYCTA card currently my travel decreased dramatically due to insufficient funds, (I) learned of the senates approval for an addt'l 13 wks after receiving 79 wks, I'm grateful even if I don't receive, Its nice to know that our President and his Cabinet has consider the nations dilemma. Thank you Sir. America is the beautiful, with liberty and justice for all, humbly submitted, CRA (DHSHA#8064389)
Thx again ~
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