Senators Harry Reid of Nevada and Senator Max Baucus of Montana had filed the Unemployment Extension Bill, June 30. One of the major provisions of the bill includes an extension of the period in which home buyers can close on a house and claim the homebuyer tax credit.
The Unemployment Extension Bill also provides up to 53 weeks of extended benefits, depending on the state’s unemployment rate. This extension is also retroactive which means that those who have lost their unemployment checks will be compensated till November 2010.
The Bill would cost an added $176 billion over ten years even with the spending cost and savings it would still cost around $27 billion in new spending over a ten year period.
The Democrats will surely have a hard time to pass this bill since Republicans would be blocking any bill which equates to additional spending and thus greater surplus for the United States budget.
Sen. Reid already filed for cloture last night, and is working closely with Sen. Mitch McConnell (R-Ky.) in order to have a bipartisan support for the Bill. The Bill would be introduced to the floor today with the hope that Republicans would go a little easy on it, though that remains to be seen.
The Republicans also found an advocate that would work against the Democrats. Sharon Angle, Republican Senatorial candidate said that unemployment benefits “spoiled our citizenry and caused a spoilage in our ability to return the jobless to the workforce.” She told this during her guesting at Face to Face hosted by Johnn Ralston.
“We have a basic responsibility to help our constituents respond to emergencies,” said Reid, D-Nev. “We have a fundamental obligation not to deny them the help they need when they need it the most,” in an apparent reply to Angle’s statements.
So would the Democrats have a bipartisan support and pass the Unemployment Extension Bill? We never know… we never know. What are your thoughts about this?To receive updates from WWNN.co.uk directly to your e-mail, you can subscribe to us for free by entering your e-mail address here and confirming your subscription by clicking the link that will be sent to your e-mail address.