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Millions Face Loss of Unemployment Benefits | Activist News

Millions Face Loss of Unemployment Benefits

ABC News
November 30, 2010

The nation’s long-term unemployed will be left high and dry if Congress allows emergency unemployment benefits to grind to a halt today.

The unemployment bill, along with an extension of the Bush tax cuts, are among the hottest issues in the lame-duck session of Congress that began Monday. The jobless bill has a pricetag of as much as $65 billion and the tax-cut extension could cost $3.7 trillion over the next decade, all on top of a deficit that tops $13.7 trillion.

Unemployment insurance has for many decades provided about 26 weeks of benefits, but the current Congress has extended the benefit to 99 weeks in four separate bills.

The consequences of ending the extended benefits aren’t entirely clear though most agree it could hurt the recovery.

“If for some reason it is not authorized it would be catastrophic for the economy,” says Judy Conti, a federal advocacy coordinator at the National Employment Law Project, an advocacy organization for employment rights.

“There will be no safety net in terms of greater job loss,” Conti says. “If the program is not reauthorized by the end of the year, 2 million will prematurely lose benefits. It could lead to great homelessness. The ripple effect would be devastating.”

Full Article Here – http://abcnews.go.com/Business/unemployment-deadline-looms-millions-face-loss-benefits/story?id=12267837

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