For weeks now lawmakers in Washington have bickered over whether or not to extend unemployment benefits to more than 2.5 million long-term unemployed Americans. Jobless benefits have been extended six times over the last two years, but debate over the wisdom of this policy has increased as there has been a growing focus on fiscal austerity amongst Congressmen. Predictably, the dispute has devolved into partisan hackery as both Republicans and Democrats grandstand and point fingers at one another.
Generally speaking, Democrats favor extending benefits, and Republicans oppose the extension (or more specifically the means of funding it). The debate centers not so much around whether to extend benefits to the jobless, but how the extension would be paid for, and whether or not the extension would add to the deficit.
Unemployment continues to be at extraordinarily high levels, with the traditional measure of unemployment running at 9.5 percent in June, and with broader measures of unemployment running around 16.5 percent. More than 14 million Americans are currently without jobs.
It appears likely that the Democrats will be able to muster the 60 votes they need to push the $34 billion measure through the Senate later today. The House of Representatives has already passed a jobless benefits extension, but because the Senate version differs from the House version, the House would have to vote on the Senate version, assuming it passes. If this happens, the bill could be sent to President Obama for his approval later this week.
The bill would once again extend unemployment benefits for up to 99 weeks.
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