[quote]For the nation's unemployed, here we go again. The House voted Friday to extend the deadline to file for federal unemployment benefits, but not b..."/>
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Jobless benefits to expire as Senate recesses
Monday, May 31, 2010 10:14 AM
NIKI2
Gettin' old, but still a hippie at heart...
Quote:For the nation's unemployed, here we go again. The House voted Friday to extend the deadline to file for federal unemployment benefits, but not before the Senate recessed for a week-long Memorial Day break. So jobless Americans will start running out of benefits after June 2. The Senate will take up the measure when it returns June 7, according to Senate Majority Leader Harry Reid, D-Nev. House Democratic leaders twice had to shrink the bill to get enough support, ulitimately passing a measure that would raise the deficit by $54.3 billion. The final version, approved by a 215-204 vote, extended the deadline to file for unemployment benefits through November, but jettisoned sending $24 billion in Medicaid assistance to the states and extending the 65% federal subsidy for COBRA health insurance premiums. The measure would raise the deficit by $31.3 billion. It also delayed the start of the so-called "carried interest" provision, which increases the tax on money paid to managers of hedge funds and investment partnerships to ordinary income levels instead of the much-lower capital gains rate. It will now begin in 2011. The final version, approved by a 215-204 vote, extended the deadline to file for unemployment benefits through November, but jettisoned sending $24 billion in Medicaid assistance to the states and extending the 65% federal subsidy for COBRA health insurance premiums. The measure would raise the deficit by $31.3 billion. It also delayed the start of the so-called "carried interest" provision, which increases the tax on money paid to managers of hedge funds and investment partnerships to ordinary income levels instead of the much-lower capital gains rate. It will now begin in 2011. Some 1.2 million people will run out of their jobless benefits in June if the Senate fails to act, according to the National Employment Law Project. Federal unemployment benefits, which last up to 73 weeks, kick in after the state-funded 26 weeks of coverage expire. These federal benefits are divided into tiers, and the jobless must apply each time they move into a new tier.
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