Quibble, if you must, about whether we’re in a recession or not. Clearly, we’ve still got a bad economy. Banks and financial investment firms are back up on their feet, thanks to the monumental amounts of taxpayer money they’ve taken, but unemployment is still very high in many parts of the country.
To deal with this problem, Congressman Jim McDermott crafted a new piece of small, smart economic stimulus: The Unemployment Compensation Extension Act, H.R. 3548. The legislation extends unemployment benefits for an additional 13 weeks, but only in those states where the unemployment rate exceeds 8.5 percent.
The bill passed the House yesterday, with 66 Republicans crossing the aisle to vote in favor. Still, 17 Democrats blunted their positive action, crossing the aisle to vote against. Read the roll call vote to see who went which way.
The Senate still needs to approve the legislation if it is to go to the desk of President Obama to become law.