Senate Majority Leader Sen. Harry Reid (D-Nev.) and Senate Finance Committee Chair Max Baucus (D-Mont.) already introduced yesterday the "Unemployment Extension Bill". What are the contents and provisions of this bill and why are the Republicans against it.
Here are some of the key features of the Unemployment Extension Bill:
- The Unemployment Extension Bill will restart the emergency unemployment compensation program phased out May 2010. The program provides up to 53 weeks of extended benefits, depending on the state’s unemployment rate. The measure is retroactive — meaning that Americans who have lost their unemployment checks will be compensated — and goes through November.
- The Bill further extends the benefit to 99 weeks.
- It also eliminates the penalty for part-time workers collecting unemployment benefits by giving states the option to let UI claimants to keep certain benefits if switching to state benefits.
- The Unemployment Extension bill filed on June 30 will also extend the closing date for the homebuyer tax credit: Homebuyers need to have purchased a house by April 30, 2010. Now, they need to close by Oct. 1, not July 1, 2010.
- The Bill in order to save money and fund the Unemployment Extension will delay the funding for the Travel Promotion Act by one year.
- The Bill prohibits prisoners from claiming homebuyer tax credits. This will also allow the IRS to disclose tax return information to prison officials, to help recoup money from fraudulent claims.
- The Bill also takes back $94 million in unspent Defense Department funding due to expire on Sept. 30, 2010.
In the end it seems the Republicans claims of deficit is untrue because this bill will cost $173.9 billion in ten years but it will save $146 billion in ten years, therefore you only have a difference of $27.9 billion in ten years.
Republicans says that it is still spending but Democrats is insisting that this is needed in order to help people coupe with the current unemployment problems.
Which side are you supporting? Will you support the Bill? Share your thoughts with us.