And They’re Off!!!!!

:(

12 billion won’t break the economy but it’s a bad start for sure.

And they still have to act soon to stop the tax hikes coming at year end before withholding goes up.

Unemployment Aid Extension Blocked in House Over Cost Concerns

By Brian Faler

November 18 (Bloomberg) — A bill to extend jobless benefits for three months was defeated today in the U.S. House, increasing the odds that some of the nation’s long-term unemployed will start losing aid.
The measure fell short of the two-thirds majority needed for approval under an expedited process. The vote on the bill was 258 in favor, 154 opposed.

Republican lawmakers complained that the bill’s $12 billion cost would be added to the government’s budget deficit. They demanded offsetting savings elsewhere in the budget.

The vote was a replay of a partisan dispute earlier this year that led to benefits being cut off for some jobless people for more than a month. Aid again is set to expire Nov. 30 for some of the unemployed.

No firm number of those who would be affected was available, though Representative Sander Levin, a Michigan Democrat and chairman of the House Ways and Means committee, estimated almost 2 million Americans could see their aid cut off by the end of this year if Congress does not act.

The nation’s unemployment rate in October was 9.6 percent.

Congress will be out of session next week for the Thanksgiving holiday, which means lawmakers will have little time to find agreement by the end of this month.

“This bill is like déjà vu all over again, and not in a good way,” said Representative Charles Boustany, a Louisiana Republican. “We all want to help those in need but the American people also know someone has to pay when government spends money, and it shouldn’t be our children and grandchildren.”
Levin said, “I don’t see how we can go home for Thanksgiving when as a result of a failure of benefits, hundreds of thousands of people may not have a turkey on their table because they can’t afford it.”

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4 Responses to And They’re Off!!!!!

  1. Jim says:

    “If we rethink money creation properly, however, we will be able to remove money creation from the hands of the oligarchs, and strike deeply at the uncompetitive nature of the American political economy. I do not know how to do this, but it is possible.”

    From the superb article on the Fed by Matt Stoller.

    Here’s your opening, Warren.

    Reply

    WARREN MOSLER Reply:

    I know matt, he gets is for sure. i was an ‘official’ advisor to Congressman Grayson via Matt when they were working on the Fed swap llines

    Reply

    beowulf Reply:

    Grayson is a good guy. Was wrong about some things, but I respect a guy did what he thought was right even when he had to know it wasn’t going to help him in a conservative Orlando district.

    As it happens, The GOP surge swept a nut job congressman into office in Boca Raton. Grayson and his wife should start house hunting along the Intracoastal.

    Reply

    ESM Reply:

    “Grayson is a good guy.”

    Oh, give me a break. His behavior was absolutely despicable. I don’t care if he is smart or understands MMT. Politicians like him are bad for our society.

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