Unemployment Benefits to be Extended 16-20 Weeks

The Senate has passed a bill that will extend jobless benefits for 16 weeks for those whose benefits run out by the end of 2009. For those in states with unemployment rates above 8.5%, those benefits would be extended to 20 weeks. The house has a similar bill that has already passed, so most experts agree that the bills will be reconciled quickly. In the same bill, the first time home buyer tax credit of $8000 was also extended to April 30th of 2010 as well as a new benefit that would give home buyers who have held their existing house for at least 5 years a tax credit of $6500 if they buy home.