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For Unemployment Extension, All That’s Left Is Obama’s Signature

My colleague notes that the House just passed the Senate extension of federal unemployment benefits, as the Senate did last night. The bill now moves on to

Jul 31, 2020
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My colleague notesthat the House just passed the Senate extension of federal unemployment benefits, as the Senate did last night. The bill now moves on to President Obama, who will likely sign the benefits into law today or tomorrow morning.
The package does not create new benefits, or re-up the $25-a-week Federal Additional Compensation, added to many employment insurance checks. Rather, the $34 billion bill restores benefits that sunsetted on June 2, and extends them through Nov. 30. Jobless workers can expect their checks in the next two to four weeks — depending on the state. The federal benefits come into effect after a worker has exhausted his state benefits, after 26 weeks, and provide up to 99 weeks of additional unemployment insurance — depending on the unemployment rate in the worker’s state.
The passage ends a two-month stalemate, with Senate and House Democrats attempting to push through a number of bills to restore benefits to 2.6 million Americans, as 300,000 a week lost their checks. Republicans did not object to extending benefits, but objected to adding to the deficit to supply them; Democrats pushed for emergency spending, not subject to normal paygo rules, hoping to add to the overall stimulus as the recovery sags.
Camilo Wood

Camilo Wood

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Camilo Wood has over two decades of experience as a writer and journalist, specializing in finance and economics. With a degree in Economics and a background in financial research and analysis, Camilo brings a wealth of knowledge and expertise to his writing. Throughout his career, Camilo has contributed to numerous publications, covering a wide range of topics such as global economic trends, investment strategies, and market analysis. His articles are recognized for their insightful analysis and clear explanations, making complex financial concepts accessible to readers. Camilo's experience includes working in roles related to financial reporting, analysis, and commentary, allowing him to provide readers with accurate and trustworthy information. His dedication to journalistic integrity and commitment to delivering high-quality content make him a trusted voice in the fields of finance and journalism.
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