Senate Votes To Extend Unemployment Benefits And Homebuyer Tax Credit
(RTTNews) - On Wednesday, the Senate voted 98-0 to extend unemployment benefits by up to 20 weeks and to extend the homebuyer tax credit.
Under the $24 billion Worker, Homeownership and Business Assistance Act of 2009, the unemployed will receive 14 weeks of additional benefits. Those living in states with unemployment greater than 8.5% will receive an additional six weeks on top of that.
The extended benefits would apply to people whose benefits are set to run out on December 31. This will cover around two million people.
Meanwhile, the extended $8,000 first-time homebuyer tax credit would be expanded to include a $6,500 credit for people who have lived in their current homes for at least five years.
The legislation now goes to the House, which passed a similar version of the bill in September that provided an additional 13 weeks of benefits in high-unemployment states. The House is expected to support the Senate's version and send it to President Barack Obama for his signature.
"These additional 14 weeks of benefits will allow Nevadans looking for work to pay the bills, support their families, and put food on the table," said Senate Majority Leader Harry Reid, D-Nev.
He added, "I'm also pleased that we successfully extended the homebuyer tax credit to continue this important incentive that is helping to stabilize the housing market."
Senator Judd Gregg, R-N.H., also approved the measure, saying it is "an appropriate and needed effort. I supported this measure, as I believe it will provide important assistance to those hit hard by unemployment and incentives to boost economic activity."
"With 15 million Americans still unemployed and vying for just three million available jobs, we did the right thing today by passing this bill and doing it in a fiscally responsible way," added Senator Max Baucus, D-Mont.
He said, "Today, we gave unemployed Americans the chance they need to get back on their feet, get through this tough time and get working again."
For comments and feedback: contact editorial@rttnews.com
Copyright(c) 2009 RTTNews.com, Inc. All Rights Reserved
Under the $24 billion Worker, Homeownership and Business Assistance Act of 2009, the unemployed will receive 14 weeks of additional benefits. Those living in states with unemployment greater than 8.5% will receive an additional six weeks on top of that.
The extended benefits would apply to people whose benefits are set to run out on December 31. This will cover around two million people.
Meanwhile, the extended $8,000 first-time homebuyer tax credit would be expanded to include a $6,500 credit for people who have lived in their current homes for at least five years.
The legislation now goes to the House, which passed a similar version of the bill in September that provided an additional 13 weeks of benefits in high-unemployment states. The House is expected to support the Senate's version and send it to President Barack Obama for his signature.
"These additional 14 weeks of benefits will allow Nevadans looking for work to pay the bills, support their families, and put food on the table," said Senate Majority Leader Harry Reid, D-Nev.
He added, "I'm also pleased that we successfully extended the homebuyer tax credit to continue this important incentive that is helping to stabilize the housing market."
Senator Judd Gregg, R-N.H., also approved the measure, saying it is "an appropriate and needed effort. I supported this measure, as I believe it will provide important assistance to those hit hard by unemployment and incentives to boost economic activity."
"With 15 million Americans still unemployed and vying for just three million available jobs, we did the right thing today by passing this bill and doing it in a fiscally responsible way," added Senator Max Baucus, D-Mont.
He said, "Today, we gave unemployed Americans the chance they need to get back on their feet, get through this tough time and get working again."
For comments and feedback: contact editorial@rttnews.com
Copyright(c) 2009 RTTNews.com, Inc. All Rights Reserved
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