Unemployment Extension gets House Approval

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(Best Syndication News) - The House of Representatives approved the unemployment benefits extension bill with 272-152 votes in favor of the bill only one day after being sent from the Senate. The next step is for President Obama to sign the the unemployment benefits extension into law.

Unemployment benefits extension bill has passed Senate with a vote of 59-39. Since June 2nd there have been approximately 2.5 million people that have had their unemployment benefits lapse. In California, there are around 400,000 that have lost their benefits since the beginning of June. The new legislation will restore these unemployment benefits to those people retroactively.

The unemployment extension will extend these benefits through November 30, 2010. Senator Barbara Boxer said that without the extension over 1.4 million unemployed California workers were at risk for losing their unemployment benefits this year.

There has been a delay in passing this unemployment extension because there was a debate going on in the Senate as to how the government will pay for these benefits. The Republicans didn't want to borrow the funds to pay for the extension. According to Moody's Analytics, every dollar that is invested in unemployment benefits will help to create $1.61 in economic activity.

By: Marlene Donor

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