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