Unhappy New Year: Congress Unlikely to Renew Unemployment Benefits By End of the Year
FILED TO: Economics
The Daily Banter Headline Grab. From Huff Post:
The U.S. House of Representatives will convene on Sunday in a last-minute effort to avoid the steep spending cuts and tax cuts scheduled to take effect at the end of the year. But Sunday will already be too late for long-term unemployment insurance, which will almost certainly lapse on Saturday thanks to congressional inaction.
According to the National Employment Law Project, a worker advocacy group, more than 2 million Americans will stop receiving benefits after Dec. 29, when the federal Emergency Unemployment Compensation program will cease to exist.
“The 11th hour has arrived,” NELP director Christine Owens said in a statement on Thursday. “Other consequences of going over the fiscal cliff won’t be felt for some time, but losing Emergency Unemployment Compensation will deliver an immediate and severe blow to people who are already down.”