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The unemployment extension 2010 failed to pass, after unemployment benefits extensions expired on June 2nd. This leaves millions of Americans in a position where they don’t know what to do next. HR 4213 promised to extend benefits through November 30, 2010 with the hopes that at that point in time the economy would be straightened up and individuals could get a job.
The American Jobs and Closing Tax Loopholes Act of 2010 had a lot of provisions in addition to the unemployment extension. Funding the bill is the big question mark. Republicans don’t want to add to deficit spending, and Democrats don’t want to use unused stimulus funds.
The really puzzling thing to those who need unemployment benefits extensions is that portions of the legislation have been passed, while they are left in limbo. The so-called “doc fix” keeps doctors from experiencing a decrease in their medicare reimbursement rates. Without this, doctors would have received drastically less money from Medicare claims. The measure is temporary – only going through November 30 of this year. Previously, the bill would have extended this benefit through 2011.
Even though the “doc fix” has been passed, the unemployment benefits measure has not. Deficit spending arguments and arguments over proposed tax hikes have ensued. A proposed tax on S-Corp small businesses has been denounced by various special interest groups and is not supported by all politicians. A proposed tax on oil companies is feared to increase energy costs. A proposed tax on investment fund managers is rumored to potentially give a disincentive to invest. No matter which way you look at it – people need unemployment benefits. Whether they are funded by tax hikes, deficit spending, or unused stimulus funds it needs to occur, and fast.
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