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Old 07-30-2009, 02:46 PM
 
Location: New Jersey
3,814 posts, read 11,537,740 times
Reputation: 944

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Congress Moving to Shore Up Depleted Fed Programs
http://www.google.com/hostednews/ap/article/ALeqM5jYs8k4cz398yrVYLt3QxLvIURD9wD99ORTKO2

According to an item reportd by the Associated Press today:
"Congress is taking stopgap action to shore up three recession-hit federal programs, including aid for unemployment benefits, assuring that the government assistance won't run out while lawmakers are out of town in August.

"The Senate is expected to vote late Thursday on a package that provides more than $14 billion in temporary relief to trust funds supporting highway construction and unemployment insurance and that extends federal authority to keep low-interest housing loans available. The two trust funds and the Federal Housing Administration loan program are all in danger of running out of money in August. The House passed the measure Wednesday on a 363-68 vote."

"With the House planning to break this week for its summer recess and the Senate scheduled to depart at the end of next week, lawmakers took up the legislation with a sense of urgency."

Specifically on Unemployment Benefits:
"Rep. John Dingell, D-Mich., said that without congressional action, '4.6 million people nationwide will not receive unemployment benefits in August and September.'

"The bill provides 'such sums as may be necessary' for the federal unemployment insurance fund, a pool of money financed by payroll taxes. House aides estimated the actual transfer of money from the general treasury will be about $7.5 billion.

"The fund is providing loans for the state unemployment benefit programs in 18 states that have become insolvent as the recession continues and the jobless rate approaches 10 percent.

"Rep. Jim McDermott, D-Wash., said the 18 states already have loan balances exceeding $12 billion and more are expected to request assistance from the federal fund in the coming weeks.

"He said about 9 million unemployment insurance recipients are now getting an extra $100 a month as a result of the stimulus package passed in February, and 3 million unemployed workers are receiving extended benefits.

"States generally offer 26 weeks in unemployment benefits, averaging around $300 a week. Technically, the legislation does not add to the federal deficit because the states are obligated to repay the money they borrow."
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Old 07-30-2009, 03:40 PM
 
46 posts, read 66,235 times
Reputation: 13
Im a bit concerned on what they mean. If you read this stuff it doesn't really say theyare planning to extend unemployment but rather help fund states to pay out the remaining balances of the unemployed. I dont believe this is saying anything about lengthening the term. Just providing loans to states who dont have enough frunds to cover the current benefits being paid out. Am I wrong on this?

I know that Rep. Jim McDermott wants to extend it but I think that is a differnt planned bill than what this post is speaking of. Any clarification would be great.
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Old 07-30-2009, 05:12 PM
 
Location: New Jersey
3,814 posts, read 11,537,740 times
Reputation: 944
Quote:
Originally Posted by katedowney1 View Post
Im a bit concerned on what they mean. If you read this stuff it doesn't really say theyare planning to extend unemployment but rather help fund states to pay out the remaining balances of the unemployed. I dont believe this is saying anything about lengthening the term. Just providing loans to states who dont have enough frunds to cover the current benefits being paid out. Am I wrong on this?

I know that Rep. Jim McDermott wants to extend it but I think that is a differnt planned bill than what this post is speaking of. Any clarification would be great.
You're right. McDermott's bill for another extension of benefits is different from this. The bill described here is just to continuing funding the existing programs -- those already in place.

Without the additional funding in this bill, many states (particularly those close to bankruptcy) won't be able to continue paying unemployment through the Congress's summer recess.

The next extension -- after EB -- will be addressed in another separate bill.
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