Unemployment Compensation Extension Act Of 2009

Floor Speech

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Ms. RICHARDSON. Mr. Speaker, I rise today in strong support of the Senate amendments to H.R. 3548, the ``Unemployment Compensation Extension Act of 2009,'' because they will provide much-needed relief to the millions of unemployed American workers who are struggling to find jobs today and to others who are working to buy their first home.

With the passage of this bill, Congress will provide up to 14 additional weeks of desperately needed unemployment benefits to workers who are about to exhaust their unemployment benefits, directing much-needed help to the unemployed who live in states where unemployment rates are highest.

California has the 4th highest unemployment rate in the Nation and in terms of my district the numbers are staggering:

Carson--12.6 percent

Compton--20.9 percent

Long Beach--13.7 percent

Signal Hill--9.4 percent

Mr. Speaker, although job losses have begun to decline more recently, unemployment is still too high, and the American people need relief now. With the national unemployment rate at 9.7 percent, we must act now. Over 1 million people will exhaust their benefits by the end of December if we do not act.

In addition to providing relief to the unemployed, H.R. 3548 will help stimulate the economy. Extending unemployment benefits is one of the most cost-effective and fast-acting ways to stimulate the economy because the money is spent quickly. Every $1 spent on unemployment benefits generates $1.63 in new economic activity.

The new Senate amendments to this bill will do even more to breathe life into our economy. With the inclusion of these amendments, this crucial legislation will strengthen our domestic housing market by extending the $8,000 first-time homebuyer tax credit through April, 2010. These amendments will also expand eligibility for the homebuyer credit so more families qualify. Specifically, the bill will establish a $6,500 tax credit for families that have lived in their current home for five or more consecutive years and who are looking to purchase and move into a new home. By expanding the tax credit to include more than just first-time homebuyers, this bill will further stimulate the economy and help us to continue to fully recover from the recession.

I strongly support these amendments because, for many people in my district, the extended and expanded tax credit will allow them to realize the American Dream of owning a home. If passed, this bill will also provide housing tax relief for military families that have sacrificed so much to defend our great nation.

Mr. Speaker, I urge my colleagues to support this necessary and timely legislation because it provides relief to unemployed Americans when they need it the most and it extends and expands the first-time homebuyer tax credit. If we do not pass this bill, we will not only face a financial crisis but a moral deficit in this country as well. We cannot allow that to happen. I urge all members to vote ``aye'' on the Senate amendments to H.R. 3548, the Unemployment Compensation Extension Act of 2009.

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