CFA Tells House: Reject Unemployment Compensation Extension Act

Thursday, July 22, 2010 1:33 PM

Today, CFA and ATR warned the House of Representatives that we may rate a vote on the Unemployment Compensation Extension Act, which passed the Senate last night. This extension, originially introduced as a part of the "tax extenders" package, constitutes the fourth such extension since President Obama took office. These welfare disbursements hamper growth, and further stall economic recovery. From our alert:

The bill pushes for an extension of unemployment handouts until November 30 without making any attempt to pay for this expansion of federal subsidies for the unemployed – this adds $34 billion to the growing government tab for which taxpayers are on the hook to pay. Despite reports that the extension of these benefits continues to disincentivize actual employment and recovery, Congress is poised to extend these subsidies for the fourth time since President Obama took office. Passage of this bill would amount to $123 billion in total unemployment insurance spending, while all signs indicate these extensions have done little to stimulate economic recovery.

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