Senator Jack Reed (D-RI) and Senator Dean Heller (R-NV) have announced a bipartisan compromise agreement (Reed-Heller Agreement to Restore Emergency Unemployment Insurance) to restore federal jobless benefits which expired on December 28, 2013. The legislation would provide for a 5 month extension of federal Emergency Unemployment Compensation (EUC) which expired on December 28th. The more than 2 million unemployed workers who have lost benefits would be eligible for retroactive payments.
The legislation (S. 2148, the Emergency Unemployment Compensation Extension Act of 2014, Reed-Heller and others) is on the Senate calender for discussion on Monday, March 24, 2014. It would then need to be passed by the House. Both the House and the Senate are recessed until March 24th so there will be no action until some time that week.
CBO estimates the impacts
Chosen excerpts by Job Market Monitor. Read the whole story at Emergency Unemployment Compensation Extension Act of 2014 – CBO
- US / Percent of unemployed seeking work for longer than six months more than doubled between 2007 and 2013
- US / The share of unemployed receiving jobless aid will drop to its lowest level
- Job Search / The longer a person is unemployed, the less it matters which method is used