Business News

US lawmakers extend unemployment benefits, tax credits for housing

Nov 5, 2009, 19:16 GMT

Washington - US lawmakers on Thursday approved legislation that would extend unemployment benefits and popular tax credits for home buyers, in a bid to keep the US economic recovery on track. The House of Representatives overwhelmingly approved the bill one day after the Senate passed the same legislation in a rare show of bipartisanship in Washington. It now goes to President Barack Obama's desk for signature. The measures are designed to maintain momentum as the US recovers from its worst recession in seven decades. The economy grew by 3.5 per cent in the third quarter, but unemployment is at 9.8 per cent and rising. New monthly jobless data is due out Friday. The legislation allows unemployed that will run out of benefits by the end of the year to claim 14 additional weeks of protection, on top of what they are already granted by states and previous federal extensions. Those in states with especially high jobless rates can claim benefits for 20 extra weeks. First-time home buyers can continue claiming an 8,000-dollar tax credit until April 30. The measure was due to expire November 30. For the first time, existing homeowners will also be able to claim 6,500 dollars if they buy a new primary residence. The legislation also contains tax credits for US businesses.

Business News

US lawmakers extend unemployment benefits, tax credits for housing

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