Forex Market News Today
  • Home
  • News
  • LiveHourly
  • Markets
  • Stock
  • Business
  • Economy
  • World
  • Politics
  • Energy
  • exchange
  • companies
No Result
View All Result
Forex Market News Today
Home Economy

Why Democrats chose not to extend extra unemployment through September

2 months ago
in Economy
3 min read
Why Democrats chose not to extend extra unemployment through September
Share on FacebookShare on Twitter


  • House Ways and Means extended extra unemployment benefits through August, rather than September.
  • Experts and lawmakers argue that Americans need at least six months of jobless pandemic relief.
  • Pension funding diverted money from unemployment aid, an economist says. 
  • Visit the Business section of Insider for more stories.

President Joe Biden called on Congress to extend $400 weekly unemployment benefits through the end of September. The House Ways and Means Committee heard the president’s request and included the weekly benefits — but it cut them off a month early.

Unemployment benefits are set to expire on March 14 if Congress does not pass a stimulus package before then, putting 11.4 million Americans at risk of losing needed aid.

Citing the high unemployment during the pandemic, Biden has said months of federal unemployment benefits are needed to ensure Americans won’t have to deal with a lapse in needed aid. But House Democrats added funding for multiemployer pensions in their pandemic relief bill, which left only enough funding for five months of extra unemployment benefits — through the end of August. 

“Over the last two days, the Ways and Means Committee has considered aggressive, science-based solutions that will deliver the urgent relief our country so desperately needs,” Committee Chairman Richard Neal said in a statement following the advancement of the bill. “From unemployment benefits to health care affordability, the work we’ve done is substantial, and it is exactly what the American people have been calling on us to do to meet this moment.”

However, lawmakers and experts expressed concern at the benefits cutting off in August.

The committee’s bill also includes $1,400 stimulus checks, and Sen. Ron Wyden of Oregon told Bloomberg last Tuesday that he will “fight like hell” to get approval for both the stimulus checks and six months of unemployment benefits.

—Ron Wyden (@RonWyden) February 9, 2021

The pension problem

The Congressional Budget Office on Monday released a breakdown of the spending in the Ways and Means Committee’s bill. It reported that the legislation would increase premium rates for multiemployer pensions, which Marc Goldwein, head of policy at the nonpartisan Committee for a Responsible Federal Budget, said is taking money away from unemployment benefits.

“That multiemployer pension bailout in the bill cost about $56 billion, which would be enough to extend unemployment benefits to the end of September, and possibly a bit further,” Goldwein told Insider.

Goldwein said the inclusion of pension funding has nothing to do with COVID-19 relief, and although a solution is needed for multiemployer pensions, including them in the pandemic relief package is only diverting money from relief directly related to the pandemic. 

The bill cannot include both pension aid and six months of unemployment benefits because the committee has a $940 billion cap within Biden’s $1.9 trillion…



Go to the news source: Why Democrats chose not to extend extra unemployment through September

Tags: choseDemocratsextendextraSeptemberUnemployment
Previous Post

Fed’s Bullard doesn’t see asset bubble and doubts policy will tighten soon

Next Post

Stock futures open flat, hovering near records

Related Posts

Live Foreign Currency Exchange Rates
Economy

UK manufacturing optimism highest since 1973 as rebound hopes grow – business li…

by Forex News
April 22, 2021
0

9.15am EDT 09:15 Asked whether the ECB could slow its bond-purchase programe later this year, ECB president Lagarde points...

Read more
Climate Change Could Cut World Economy by $23 Trillion in 2050, Insurance Giant …
Economy

Climate Change Could Cut World Economy by $23 Trillion in 2050, Insurance Giant …

by Forex News
April 22, 2021
0

WASHINGTON — Rising temperatures are likely to reduce global wealth significantly by 2050, as crop yields fall, disease spreads...

Read more
5 little-known metrics that help small businesses track the economy weekly – The…
Economy

5 little-known metrics that help small businesses track the economy weekly – The…

by Forex News
April 22, 2021
0

5 little-known metrics that help small businesses track the economy weekly The Philadelphia Inquirer Go to the news...

Read more
Workers of all ages, even retirees hit with fraudulent unemployment claims – WEA…
Economy

Workers of all ages, even retirees hit with fraudulent unemployment claims – WEA…

by Forex News
April 22, 2021
0

Workers of all ages, even retirees hit with fraudulent unemployment claims WEAR Go to the news source: Workers...

Read more
Tata ‘sues Liberty Steel over unpaid debts’ – BBC News
Economy

Tata ‘sues Liberty Steel over unpaid debts’ – BBC News

by Forex News
April 22, 2021
0

Tata 'sues Liberty Steel over unpaid debts' BBC NewsView Full Coverage on Google News Go to the news...

Read more
U.S. economy on a solid footing, coronavirus still top threat: Reuters poll
Economy

U.S. economy on a solid footing, coronavirus still top threat: Reuters poll

by Forex News
April 22, 2021
0

The U.S. economy will grow at its fastest annual pace in decades this year and outperform most of its...

Read more
Tech is an ‘extremely dynamic’ and resilient investment: Oppenheimer
Economy

Tech is an ‘extremely dynamic’ and resilient investment: Oppenheimer

by Forex News
April 22, 2021
0

Market bull John Stoltzfus sees investment opportunities across the board as earnings season kicks into high gear.Stoltzfus, chief investment...

Read more
Live Foreign Currency Exchange Rates
Economy

Ireland will resist global corporate tax rate, says finance minister | Global ec…

by Forex News
April 21, 2021
0

Ireland’s finance minister has signalled the country will resist attempts to rebalance the global tax system if they affect...

Read more
Live Foreign Currency Exchange Rates
Economy

Powell pledges Fed won’t allow ‘substantial’ overshoot of inflation

by Forex News
April 21, 2021
0

AGF Investments chief strategist Greg Valliere and Bulltick Capital Markets chief strategist Kathryn Rooney Vera discuss poverty levels in...

Read more
Yellen Says Corporations Must Shoulder Cost of Going Green: Live Updates
Economy

Yellen Says Corporations Must Shoulder Cost of Going Green: Live Updates

by Forex News
April 21, 2021
0

Here’s what you need to know:Janet Yellen, the Treasury secretary, said climate-aligned investments continue to face obstacles from inconsistent...

Read more
Next Post
Stock futures open flat, hovering near records

Stock futures open flat, hovering near records

Subscribe
Login
Notify of
guest
guest
0 Comments
Inline Feedbacks
View all comments

Latest Forex News

China’s May factory activity cools as weak demand curbs output

China’s May factory activity cools as weak demand curbs output

5 months ago
Queen Elizabeth carries out first duty since Prince Philip’s death: report

Queen Elizabeth carries out first duty since Prince Philip’s death: report

1 week ago
Live Foreign Currency Exchange Rates

Kudlow: With Biden’s economic policy, ‘jobs and businesses will suffer’

2 weeks ago
Some issues fixed, others unresolved

Some issues fixed, others unresolved

3 months ago

Today Market News

Jobless Claims Add Market Tailwind As Airline Earnings Prepare To Take Off
Markets

Jobless Claims Add Market Tailwind As Airline Earnings Prepare To Take Off

April 22, 2021
Georgian central bank sells $30 mln at foreign exchange auction, lari gains slig…
News

Georgian central bank sells $30 mln at foreign exchange auction, lari gains slig…

April 22, 2021
Is the Pullback Over in USD/JPY? – Forex News by FX Leaders – FX Leaders
Live

Is the Pullback Over in USD/JPY? – Forex News by FX Leaders – FX Leaders

April 22, 2021
Live Foreign Currency Exchange Rates
Economy

UK manufacturing optimism highest since 1973 as rebound hopes grow – business li…

April 22, 2021
Live Foreign Currency Exchange Rates
World

India reports new global record for daily case

April 22, 2021
Dollar, GBP/USD, AUD/USD, Gold & Bitcoin
Live

Dollar, GBP/USD, USD/CAD, USD/JPY, Gold & SPX Technical Levels

April 22, 2021
  • Contact Us
  • Terms of Use
  • Privacy Policy
  • DMCA
  • CCPA

© 2020 Siteofforex.com

No Result
View All Result
  • Home
  • News
  • Live
  • Markets
  • Stock
  • Business
  • Economy
  • World
  • Politics
  • Energy
  • exchange
  • companies

© 2020 Siteofforex.com

wpDiscuz