Recently today the much awaited bill that will save hundreds of jobless Americans, American Unemployment Benefits Extension bill, was passed by U.S Senate 60-40 as two Republicans lawmakers from Maine, Olympia Snowe and Susan Collins, voted in favor of the bill while a lone Democrat lawmaker, Sen. Ben Nelson of Nebraska, voted in opposition of the unemployment benefits bill. The House is expected to pass the bill effectively first thing tomorrow and should be submitted within the President’s office for further review and approval within the week.
Since the end of the first quarter of 2010, 2.5 million jobless Americans have gone without unemployment assistance. For much of the modern era Congress has not allowed unemployed insurance benefits to expire when the national unemployment rate is above 7.2%. At the present time the unemployment rate is at 9.5%.
The unemployment benefits extension bill that is schedule to be in the president’s desk by the end of the week is aim to extend the current unemployment benefits through November. With some crucial election about to happen this November it will be very interesting to witness how politicians utilize the unemployment benefits issue to effectively market themselves as positive for the economy and the overall jobs market.
Mitch McConnell, the Senate Republican leader made the following statement:
“Republicans support extending benefits to the unemployed. As the president himself said yesterday, we’ve repeatedly voted for similar bills in the past. And we are ready to support one now. What we do not support — and we make no apologies for — is borrowing tens of billions of dollars to pass this bill at a time when the national debt is spinning completely out of control.”