Thursday, June 17, 2010

Senate Fails to Pass "Tax Extenders Bill"

Millions of unemployed were disheartened today when the Tax Extenders bill suffered a major setback. The Senate failed to pass the measure citing worries about the government's propensity for overspending. Of course, different versions of the bill that cost less will be brought up for discussion.

Of the most important things this bill includes are measures to extend federal emergency unemployment benefits until November 30, 2010.  Without the Tax Extenders Bill, individuals are only entitled to 6 months of unemployment benefits.  Many in states hard hit by the economic down turn have eclipsed the 99 weeks of benefits previously allowed under the temporary extension.

Senate Democrats have worked to scale back legislation. So far, they've been able to take the bill which originally cost $140 million and added $78.7 billion to the deficit.  Among proposals are to only extend the "doc fix" to November 30 instead of 2011.  In addition, they may strike a $25 federal unemployment benefit from the bill.

Many are keeping their eyes on this.  If a fix to unemployment isn't made, there will be many angry constituents come November.

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