ADA Updates
When unemployment is rising, so should unemployment benefits. |
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| Posted by David Card (dcard) on Apr 25 2008 at 10:25 AM |
| Updates >> |
On April 16, the House Ways and Means Committee approved ADA President Rep. Jim McDermott's (D-WA) bill to expand unemployment benefits.
HR 5749 gives workers an additional 13 weeks of unemployment benefits, on top of the 26 weeks already authorized under law. Residents of states with unemployment rates at or above 6 percent would get an additional 13 weeks, totaling one year of benefits.The bill will help struggling workers as Democrats move forward a second time on legislation to stimulate the economy. The extension of unemployment benefits is an important part of an overall legislative package and many Democrats wanted to add extended unemployment benefits to the economic stimulus package enacted in February since leading economists argued that unemployment benefits in the hands of taxpayers are quickly spent and thereby help to stimulate the economy. The attempt failed.
This time around it seems certain Democrats will succeed however Republicans object to the plan to draw down unemployment fund reserves rather than offsetting the costs of the extended benefits. The bill would cost more than $12 billion over the first two fiscal years.
HR 5749 may move forward a stand-alone bill or it may be combined with other bills to stimulate the economy. The next legislative step is uncertain.
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