Unless Congress extends federal unemployment benefits again — something that seems unlikely given Republican control of the House — more than two million people will lose those benefits in the next few months.
The Wall Street Journal reports:
2,153,700: The number of jobless people currently receiving unemployment benefits who will lose them by Feb. 11, 2012 if an extension isn’t enacted by Congress by the end of the year.
While Republicans and Democrats continue to spar over the best way to inspire job creation, millions of recipients of unemployment benefits may get caught in the cross-fire…
In past recessions, unemployment extensions continued until the unemployment rate dropped below 7.5%. That’s a long way from the 9.1% rate recorded for September. Indeed, economists in the latest Wall Street Journal forecasting survey see the rate still elevated at 8.2% in December 2013.
With the House in budget-cutting mode, the $44 billion cost of extending unemployment benefits through 2012 is the biggest roadblock to getting it done.