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Bullish news for economy in 2012 "Deal reached to extend Unemployment thru 2012"

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February 16, 2012 – Comments (0) | RELATED TICKERS: SPY , QQQ , SPXL

This news may have gone under the radars but its news that could have sent the economy towards a tailspin had it not been worked out. There are millions of Americans currently collecting unemployment benefits and had the deal not been reached, all of a sudden there would have been millions of people with $0 income to buy basic needs like food & shelter.

The economy would have felt an immediate drop in current demand and could have sent it into a tailspin.

Its a good thing cooler heads in the government prevailed.

 

Deal reached on unemployment, payroll tax cut

 

February 16, 2012 12:44 AM   (CBS/AP) 

WASHINGTON - Relieved congressional bargainers say they've reached agreement on compromise legislation extending payroll tax cuts and benefits for the long-term unemployed through 2012, edging a white-hot political battle a major step closer to finally being resolved.

Rep. David Camp, R-Mich., and Sen. Max Baucus, D-Mont., the two top negotiators, strode from a conference room minutes after midnight Thursday to say that only technical issues and the drafting of legislative language remained. The bill would assure a continued tax cut for 160 million workers and jobless benefits for several million others, delivering top election-year priorities for President Barack Obama.

"It's a very good deal for the country," said Baucus, who chairs the Senate Finance Committee.

 

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