Administration: Unemployment Extension, Tier 5, Jobless Benefits & Government Cuts

Administration: Unemployment Extension, Tier 5, Jobless Benefits News & Government Cuts. The Obama administration is garnering a lot of criticism, as the Deficit Panel has revealed a "painful" list of changes that America needs to make to cut the looming deficits that our budget faces.

With all of this, will the unemployment extension take place? The GOP has expressed that they would extend the current tiers in place, but only if the Democrats cut spending or raise taxes by a complimentary amount. There's no talks of a Tier 5, and it's not on their agenda for the lame duck session.

To see what's on the Lame Duck agenda, click here.

So what does the deficit panel think needs to transpire? Well, there could be some job cuts in line for federal jobs - so some federal employees could join the ranks of the unemployed.

According to Herald News, the Deficit Panel's recommendations look like this: “enact tough discretionary spending caps” and find $200 billion in savings by 2015. Second: tax reform “that dramatically reduces rates, simplifies the code, broadens the base and reduces the deficit.” The third step addresses reforms of the health system. Fourth: mandatory savings from farm subsidies and civilian and military retirement costs. And fifth: reforms to Social Security to ensure its solvency “while reducing poverty among seniors.” You can read more, here.

What do you think will happen the unemployment extension, tier 5, and jobless benefits?