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Obama signs $24 billion bill to stimulate economy
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Published: November 7, 2009
WASHINGTON
President Obama signed a $24 billion economic-stimulus bill into law yesterday, giving tax incentives to prospective homebuyers and additional jobless benefits to those idled by the business slump.
The bill-signing came a day after the House, displaying rare bipartisan agreement over the troubling employment picture nationally, voted 403-12 to pass the legislation. The Senate unanimously approved it on Wednesday.
The White House said that the law, which also includes tax cuts for struggling businesses, builds on provisions in the $787 billion stimulus package enacted in February to avert an economic meltdown.
The law provides another 14 weeks of benefits to all out-of-work people who have exhausted their benefits or will do so by the end of the year, estimated at nearly 2 million. Those in states where the jobless rate is 8.5 percent or above -- a group that includes North Carolina -- get an additional six weeks.
The Labor Department reported yesterday that employers shed another 190,000 jobs in October. Obama said that job creation traditionally lags behind economic growth, but he acknowledged that is small comfort to those looking for work.
The extra 20 weeks could push the maximum a person in a high unemployment state could receive to 99 weeks, the most in history. Unemployment checks generally are for about $300 a week.
The tax credits, added by the Senate, center on extending the popular $8,000 credit for first-time homebuyers that was included in the stimulus package. The credit, which was to expire at the end of this month, will be available through next June as long as the buyer signs a binding contract by the end of April.
The program is expanded to include a $6,500 credit for existing homeowners who buy a new place after living in their current residence for at least five years.
Unemployment rate is at highest level in 26 years, A19.
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