Updated November 05, 2009
New Jobless Claims Fall to 512,000, Lowest Since January
AP
The Labor Department said Thursday that first-time claims for jobless benefits fell 20,000 to a seasonally adjusted 512,000. That's better than economists' estimates of 523,000.
WASHINGTON -- The House is poised to send the White House a bill extending aid to over a million people in danger of exhausting jobless benefits and additional tax credits for prospective homebuyers crucial to rejuvenating the housing market.
The $24 billion package also contains tax credits aimed at struggling businesses. The House is scheduled to vote on the legislation Thursday, a day after the Senate passed it 98-0.
With some 7,000 people running out of unemployment benefits every day and the current $8,000 tax credit for first-time home buyers set to expire at the end of the month, President Barack Obama is expected to quickly sign the measure into law.
House Majority Leader Steny Hoyer, D-Md., said the bill was "vital to Americans who have lost their jobs as a result of the deepest recession in over three-quarters of a century."
The bill would provide every American running out of unemployment insurance benefits this year with an additional 14 weeks. The out-of-work in states with jobless rates at 8.5 percent or greater would get six weeks on top of that.
It would also extend for seven months the $8,000 tax credit for first-time homebuyers that was enacted as part of the $787 billion stimulus package passed last February. The program would be expanded with a $6,500 credit for homebuyers who have lived in their current residences for five years.
Finally, it would allow businesses that have incurred losses in 2008 and 2009 to seek refunds for taxes paid on profits over the past five years.
The package, said Sen. Jeanne Shaheen, D-N.H., a leader on the unemployment issue, will "help nearly 2 million Americans who are still unable to find work, protect small businesses struggling in this challenging economic climate and stimulate economic activity to help create jobs and grow our economy."
The extension would be the fourth since June of last year and could result in giving an out-of-work person in one of the harder-hit states up to 99 weeks of benefits, well above the previous record of 65 during the 1970s.
Supporters argued that this help was necessary when 15 million unemployed are competing for about 3 million jobs and the unemployment rate continues to inch up despite some signs of economic recovery.
"There is no place today in the United States that does not see a serious crisis in unemployment," said Democratic Sen. Jack Reed of Rhode Island, where the 13 percent unemployment rate exceeds the national rate of 9.8 percent.
The $2.4 billion cost of extending unemployment benefits is offset by extending through June 2011 the federal unemployment tax that employers pay for each employee.
The two tax credits, each costing more than $10 billion over 10 years, are paid for by delaying enactment of a law giving international companies more leeway in how they allocate interest expenses between U.S. and foreign sources in determining tax liabilities.
Latest Politics Videos
-
-
Busted Operation?
-
Nov 24, 2009
Plot to smuggle missiles to Middle East?
-
-
-
'Climategate' Probe
-
Nov 24, 2009
Deceitful data about global warming?
-
-
-
Obama's Afghan Plan
-
Nov 24, 2009
President vows to 'finish the job'
-
-
-
Presidential Preparations
-
Nov 24, 2009
Organizing a White House state dinner
-
-
-
Q&A
-
Nov 24, 2009
Obama, Singh answer reporters' questions
-
-
-
'Defining Partnerships'
-
Nov 24, 2009
Obama holds presser with India's PM
-
Real Clear Politics Poll
| Job Approval | Approve | Disapprove | Spread |
| Obama | 50.3% | 43.8% | +6.5% |
| Congress | 27.0% | 64.3% | -37.3% |
| Direction of Country | Right Direction | Wrong Track | Spread |
| RCP Average | 37.7% | 57.2% | -19.5% |
Most Active In Politics
Most Read
Most Commented
-
House Passes Health Care Bill
November 08, 2009 1,132 comments
-
Health Care Bill Moves Toward Senate Debate
November 22, 2009 978 comments
-
Comment Box: Send Us Your Findings on Health Care Reform
November 19, 2009 962 comments
-
AP Turns Heads for Devoting 11 Reporters to Palin Book 'Fact Check'
November 18, 2009 857 comments
-
Lawmakers Propose 'War Surtax' to Pay for Troop Increase in Afghanistan
November 23, 2009 812 comments
-
Dobbs Reaches Out to Latinos
November 24, 2009
-
Obama, Singh Pledge Cooperation
November 24, 2009
-
Bachus Seeks Data on Bank Loans
November 24, 2009
-
Surge Targets Taliban Bastion
November 24, 2009
-
Point Man on Gitmo Detainees Quits
November 24, 2009
-
Help! My uncle is addicted to Black Luxury
November 24, 2009
-
Bankers think it’s all over. Time to think again
November 24, 2009
-
Don’t take away the modern copper’s toolkit
November 24, 2009
-
To save the planet, strike a deal with Big Oil
November 24, 2009
-
How to stop the Queen picking the next PM
November 24, 2009



recommend

Subscribe to Comments






