2010 New Unemployment Extension Bill
Here is latest news and update about unemployment extension passed. In June 30 2010 new unemployment extension bill has been filed by Senators Harry Reid of Nevada and Senator Max Baucus of Montana. One of the major provisions of the bill includes an extension of the period in which home buyers can close on a house and claim the homebuyer tax credit.
The new unemployment extension bill provides up to 53 weeks of extended benefits, depending on the state’s unemployment rate. This extension is also retroactive which means that those who have lost their unemployment checks will be compensated till November 2010. The Bill would cost an added $176 billion over ten years even with the spending cost and savings it would still cost around $27 billion in new spending over a ten year period.
The Democrats will surely have a hard time to pass this bill since Republicans would be blocking any unemployment extension bill which equates to additional spending and thus greater surplus for the United States budget.
Sen. Reid already filed for cloture last night, and is working closely with Sen. Mitch McConnell (R-Ky.) in order to have a bipartisan support for the Bill. The Unemployment Extension Bill would be introduced to the floor today with the hope that Republicans would go a little easy on it, though that remains to be seen.
Related to new unemployment extension bill, June 30, 2010, Republicans also found an advocate that would work against the Democrats. Sharon Angle, Republican Senatorial candidate said that unemployment benefits “spoiled our citizenry and caused a spoil-age in our ability to return the jobless to the workforce.”




