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Senate passes unemployment benefits extension, sends bill to House
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On a vote of 98-0 late Wednesday, the Senate passed the bill extending unemployment benefits for the 7,000 out of work Americans whose benefits expire every week, giving everyone an aditional 14 weeks of unemployment benefits, and six weeks more than that to folks in the 27 states where unemployment is more than 8.5%. The House could vote on the measure today, and send it to the Oval Office for signature.
The bill also includes extension through next April of the $8,000 first time home buyer tax credit, expansion of a smaller $6,500 credit for families who have owned the same home for five years and purchase a new home before April 30, and extension of the business tax loss carry back time period from two years to five years for 2008 or 2009 tax years.
The total unemployment benefits now available to out of work citizens is as much as 99 weeks, a record benefit extension for the 15 million who are out of work. The $2.4 billion expected cost of the legisiation will be covered by an extension of federal unemployment payroll taxes.
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