Congress Argues Over Economic Fate of 2 Million ... - Bankruptcy

By John Clark

Unemployment benefits for more than two million jobless Americans are on the chopping block during this Congressional term, according to an alarming report from the Huffington Post.

Sources say that Democrats and Republicans in the Senate have been debating whether to keep unemployment insurance programs that have served as a lifeline for millions of struggling citizens.

If the benefit system is gutted by Congress, sources anticipate a dramatic rise in the number of people filing for bankruptcy due to unemployment.

Unemployment Insurance Program Faces Scrutiny

According to sources, more than 12 million Americans remain unemployed, despite modest gains over the past few months in the employment figures. To make matters worse, sources say there are three unemployed people for every available job.

In light of these dire statistics, Democrats in the Senate are looking to extend federal unemployment insurance in its current form through the end of 2013.

The Democrats hope their colleagues will join in. According to Sen. Jack Reed, a Democrat from Rhode Island, in past years, the continuation of unemployment insurance has usually ?passed on a bipartisan basis,? although it has often prompted ?much unnecessary delay.?

While Senate Republicans haven?t definitively said ?no? to the proposal, they seem to be in no hurry to pass the insurance extension.

Last week, Sen. Jeff Sessions, a Republican from Alabama, pressed his party?s leaders to demand cuts to other parts of the federal budget in order to accommodate the insurance program, which will cost roughly $26 billion in 2013.

So Republicans and Democrats might be able to reach a deal, but both sides will likely have to compromise in order to protect the country?s unemployed.

Historical Precedent for Unemployment Benefits Extension

For the last six decades, Congress has routinely extended unemployment benefits for jobless Americans in the wake of a recession. This term has been no different, but it hasn?t been easy.

Typically, unemployment insurance benefits last for up to 47 weeks, although some states have shorter windows of time in which the benefits are available.

And federal insurance is only available after jobless people run out of state-funded benefits, which typically last about 26 weeks.

Due to the extreme nature of unemployment right now in the United States, if Congress fails to extend the benefits by early December, two million Americans will stop receiving benefit checks, according to the National Employment Law Project, a group that advocates for workers.

Source: http://www.clearbankruptcy.com/blog/congress-argues-over-economic-fate-of-2-million-jobless-americans/

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