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Unemployment Compensation Extension Act of 2008

Date: Oct. 3, 2008
Location: Washington, DC
Issues: Unemployed and Low-Income


UNEMPLOYMENT COMPENSATION EXTENSION ACT OF 2008 -- (House of Representatives - October 03, 2008)

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Mr. ELLISON. Madam Speaker, I rise today to strongly support H.R. 6867, the Unemployment Compensation Extension Act of 2008.

This bill provides for an additional 7 weeks of extended Unemployment Benefits for workers who have exhausted their regular UI benefits.

Earlier this year, we enacted a bipartisan compromise to provide extended unemployment benefits. But those benefits will start to run out in October unless Congress acts.

With today's news of another 159,000 American jobs lost in September--the worst job loss in 5 years--this action is critical to providing relief as well as strengthening the American economy and creating jobs.

Madam Speaker, the research is clear, extending UI benefits is one of the most cost-effective and fast-acting ways to stimulate the economy because the money is spent quickly.

According to the Congressional Budget Office, every $1 spent on unemployment benefits generates $1.64 in new economic demand.

Madam Speaker, Minnesota's unemployment rate hit 6.2 percent this past August, we are waiting for the September State numbers now. This is highest state unemployment rate in 22 years.

This legislation could not be more timely; the House has just passed legislation to save Main Street by helping out Wall Street.

Let us help everybody on Main Street directly by providing needed help to the unemployed workers and their families by providing them additional unemployment insurance benefits.

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