Posted by Chris O'Sullivan
The Senate voted unanimously on Wednesday to extend unemployment benefits by up to 20 weeks in all 50 US states. All unemployed individuals are entitled to an additional 14 weeks on benefits, while those living in states with unemployment rates of 8.5% and higher are eligible for an additional 6 weeks (20 weeks total). This proposal will be funded primarily through an extension of the federal unemployment act. It will still have to pass through the House and eventually be approved by the signature of President Obama.
Unemployment rates continue to be an issue in the United States, with 15 million unemployed vying for only 3 million available jobs. The unemployment rate hit a 26 year high of 9.8% in September and is expected to rise once again when October figures are released in the upcoming days. 1 in 3 unemployed Americans has been out of work for at least 6 months. According to government sources, this will be the last extension on unemployment benefits.
This new legislation also extends the $8,000 homebuyer tax credit to contracts signed by April 30 and closed by June 30. This is meant to energize the real estate business and put home builders back to work. This extension will cost $10.8 billion over 10 years. 1.8 million homebuyers are expected to exercise the credit by November.
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