Friday, May 28, 2010

House Passes Unemployment Insurance Extension

The unemployment extension provision was part of a two-pronged bill. Only one republican supported the unemployment extension.
The week of June 7, the Senate will take up the legislation. Some republicans are expected to support the Senate bill. Obama will sign it once Congress is done.
The U.S. House approved legislation to extend unemployment insurance, restore some tax breaks and raise taxes on managers of buyout funds and other investment partnerships.
Lawmakers voted 215-204, largely along party lines, for the legislation costing about $112 billion. The Senate plans to consider the plan during the week of June 7 after lawmakers’ Memorial Day recess.
The plan would continue funding for extended unemployment benefits through Nov. 30 and renew a variety of tax cuts for businesses and individuals. The House also voted 245-171 to give doctors a 19-month reprieve from scheduled cuts in their reimbursements from the Medicare program.
The plan is “one important step forward in getting American families the help they need,” President Barack Obama said in a statement. “I ask the Senate for its swift action on this package so I can sign it into law, and I urge Congress to move quickly on additional relief measures.”