Unemployment Compensation Extension Act of 2008

Floor Speech

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

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Ms. SCHAKOWSKY. Madam Speaker, I rise in strong support of H.R. 6867, the Unemployment Compensation Extension Act of 2008. Today we learned that for the ninth straight month the economy has lost jobs--159,000 jobs in the last month alone. That represents the largest 1-month loss of jobs in more than 5 years. Over the last 12 months, more than 2 million Americans have joined the ranks of the unemployed. The national unemployment rate is now at 6.1 percent, and in my home State of Illinois it is at 7.3 percent.

Today's news come at a time when millions of people in Illinois and across the country are already struggling to figure out how they can pay their bills, feed their families, and keep a roof over their head. H.R. 6867 will help ease some of that pain and fear by extending unemployment benefits to millions of Americans who have lost their job as more businesses are forced to cut shifts and lay people off because of rising prices, a decline in business, and the credit crisis.

H.R. 6867 would provide 7 weeks of extended benefits for workers who have exhausted regular unemployment compensation, with workers in high unemployment States like Illinois eligible for an additional 13 weeks of benefits. Nearly 800,000 workers are projected to exhaust their current extended unemployment benefits in October unless Congress acts.

On the day that we are directing billions of taxpayer dollars to stabilize the financial markets, it is incumbent on Congress to provide direct relief to those struggling to make ends meet. In addition to unemployment insurance, I believe we also need to make investments in our highways, bridges, transit systems, and schools; we need increases in food stamp benefits; and we need a crucial temporary increase in Medicaid payments to States. Studies have shown that those are some of the quickest forms of economic stimulus because those benefits and investments are spent quickly.

Again, I urge strong support of the legislation and look forward to working with all of my colleagues to support policies that create jobs and jump start our economy.

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