Business

Unemployment Benefits Will Be Extended

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The following story doesn’t say it explicitly, but when both Dems and Repubs are saying yes to this, you know it’s going to pass.

From Politico:

On ABC’s “This Week,” Treasury Secretary Timothy Geithner said in response to a question by host George Stephanopoulos about extending benefits: “I think that is something that the administration and Congress are going to look very carefully at as we get closer to the end of this year.” […]

“We’ll do what’s necessary to make appropriate unemployment benefits available,” national economic adviser Lawrence Summers said on NBC’s “Meet the Press.” […]

On “Fox News Sunday,” Sen. Jim DeMint (R-S.C.) said “yes,” his party would back an extension.

After DeMint objected to what he said was rampant emergency government spending, he was asked specifically about extending unemployment benefits, and replied, “Yes, we’ll support it.”

My question…why is Politico this as a stimulus package? Yes, money being pumped into the economy has stimulative effects, but unemployment benefits have less to do with economic stimulation and more about making sure people can pay their bills. Yes, the money goes right back into the economy, but still.

More as it develops…