| Senate extends unemployment benefits by up to 20 weeks |
| News - Financial News |
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--(www.FinancialNewsUSA.com)-- 11/06/2009 - Taxes industry news provided by Financial News USA. After weeks of partisan debate, the Senate voted on Wednesday to lengthen unemployment benefits by up to 20 weeks and to extend the $8,000 homebuyer tax credit. The closely watched legislation would extend jobless benefits in all states by 14 weeks. Those that live in states with unemployment greater than 8.5% would receive an additional six weeks. The proposal would be funded by extending a longstanding federal unemployment tax on employers through June 30, 2011. The measure would apply to those whose benefits will run out by Dec. 31, which is nearly two million people, according to Senate estimates. Those whose checks have already stopped would be able to reapply for another round. "With 15 million Americans still unemployed and vying for just three million available jobs, we did the right thing today by passing this bill and doing it in a fiscally responsible way," said Sen. Max Baucus, D-Mont., who helped craft the bill. [Read the full article] FRANKFURT -- The head of the European Central Bank hinted it could begin withdrawing some of its crisis measures soon, while the Bank of England pumped more money into the economy in an attempt to get Britain out of recession. Neither bank touched interest rates, already at record lows of 1 percent for the eurozone and 0.5 percent in Britain. ECB President Jean-Claude Trichet said that the 16 euro countries face an uncertain recovery. But he broadly hinted the ECB was getting ready to take back some of its added lending measures that have provided banks with ready cash during the financial crisis and promised to say more at next month's meeting. LONDON -- British industrial production and new car registrations rose in recent months, data showed, as the Bank of England announced it would increase the size of its monetary stimulus. [Read the full article] WASHINGTON (AP) -- Buying a home is about to get cheaper for a whole new crop of homebuyers -- $6,500 cheaper. First-time homebuyers have been getting tax credits of up to $8,000 since January as part of the economic stimulus package enacted earlier this year. But with the program scheduled to expire at the end of November, the House voted 403-12 Thursday to extend and expand the tax credit to include many buyers who already own homes. The Senate approved the measure Wednesday, and the White House said President Barack Obama would sign it Friday. Buyers who have owned their current homes at least five years would be eligible for tax credits of up to $6,500. First-time homebuyers -- or anyone who hasn't owned a home in the last three years -- would still get up to $8,000. To qualify, buyers in both groups have to sign a purchase agreement by April 30, 2010, and close by June 30. "This is probably the last extension," said Sen. [Read the full article] WASHINGTON (AP) -- Congress took further steps to right the staggering economy by expanding a popular tax credit for homebuyers and extending unemployment checks for the growing legions of people running out of benefits with few job prospects. The White House said the legislation builds on its efforts to spur job creation and President Barack Obama would sign it into law Friday morning. The House passed the bill on a 403-12 vote Thursday, a day after the Senate ended a monthlong stalemate with a 98-0 vote. With some 7,000 people exhausting unemployment benefits every day and the $8,000 tax credit for first-time homebuyers set to expire at the end of November, there was a sense of urgency in getting it to Obama's desk. The IRS says some 1.4 million people applied for the homebuyers credit through August, helping enliven the moribund housing market. The legislation would extend the program through June of next year, as long as the buyer signs a contract by the end of April. [Read the full article] About Financial News USA Financial News USA is a Next Generation Financial Communications firm focused on the distribution of market moving news. Financial News USA has developed leading edge e-publishing tools including programming proprietary RSS feeds and enabling open source press release publishing across its network. Financial News USA has been aggressively expanding its news distribution network by targeting direct feeds to financial news and data providers such as FinancialContent, Yahoo (NASDAQ: YHOO), among others. Financial News USA offers a free news feed available online (www.financialnewsusa.com) to websites and financial services looking for content and for individual investors looking to stay informed on the financial markets. Financial News USA and its affiliates charge each client cash for news distribution and may take an equity position in the companies mentioned herein, please visit the disclaimer at www.financialnewsusa.com. 
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