President Obama to Sign Legislation Extending Jobless Benefits
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Earlier this morning, the Department of Labor released its updated unemployment rate statistics, which indicated that our nation’s rate has reached its highest percentage in over 26 years at 10.2 percent. To counter-act the state of the job market and the nationwide backlash that will generate from those who are suffering the most from our nation’s economic downturn, President Barack Obama is expected to sign the Worker, Homeownership and Business Assistance Act of 2009.
According to UPI.com, one of the most crucial aspects of this legislation is that it will effectively extend unemployment benefits for an extra 20 weeks. The extension of jobless benefits applies to those with unemployment benefits that have either already run out and others with benefits that are scheduled to run out by the end of the year.
This legislation was received an overwhelming amount of support in the Senate and in the U.S. House of Representatives as evidenced by the fact it received unanimous support in the Senate and was cleared by the House of Representatives by a 403-12 vote.
UPI.com is reporting that other important aspects of the Worker, Homeownership and Business Assistance Act of 2009 include an enhanced tax cut for U.S. businesses and a one-time extension of the $8,000 home buyer tax credit that is expected to help stabilize our nation’s housing market.
