Cut unemployment benefits or raise taxes; Jobless Stop-Gap measure expires 1/11

[DimplesinMI]

Source: Examiner.com

The Unemployment Insurance programs in many states, including Michigan’s UIA Program, could face a serious dilemma for the states’ estimated 700,000 unemployed job seekers. January 2011, a stop-gap measure which allows for states’ across the country to borrow from the Federal Government interest free to fund unemployment insurance, is set to expire.

Particularly troubling for Michigan, the state would owe up to $150 million in interest to the federal government in FY 2011, the Michigan Messenger reports.

Michigan will owe $150 million in interest to the federal government in FY 2011 unless that program is extended, something the state can hardly afford while facing a $1.8 billion deficit next year", the Michigan Messenger Article cites.

Representative Jim McDermott (D-WA) worries about receiving an level the of bi-partisanship required to renew the Unemployment Insurance Program, even though the nation jobless rate stands within the double digits at 9.6 percent.......

Read more: http://www.examiner.com/job-search-in-detroit/cut-unemployment-benefits-or-raise-taxes-jobless-stop-gap-measure-expires-1-10

[tomhayes]

1. I can never figure out what this means exactly

If you're unemployed RIGHT NOW, and have been for say 52 weeks, and they don't pass another extension will the 52-99 weeks benefits go away immediately?

[Love Bug]

3. What happens is this

When whatever extension you are in ends, that's it, no matter how many weeks (or not) you've been on unemployment. This has happened three times already this year, causing untold hardship for the unemployed while the Senate diddles around with an extension. I'll be very surprised if they extend benefits or continue to fund existing ones again.

[LiberalEsto]

2. Looks like my b-in-law will become homeless.

He's a computer priogrammer. His job went overseas.

[lib2DaBone]

4. slightly off topic...but wouldn't it be eaiser to quit rewarding companies for offshoring our jobs?

[and-justice-for-all]

5. Do even have to raise taxes..

Just make everyone pay their fare share.