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On Friday of last week, President Obama signed the new tax cut legislation into law. The tax cut deal is one that allows many Americans to breath a sigh of relief for within it is the extension that millions of Americans have been hoping to receive. An extension of unemployment benefits will hellp those Americans currently out of work but trying to find a job. The unemployment rate is currently 9.8% as we head into the week of Christmas and this new tax deal and unemployment extension will play out like an early Christmas gift for many. Part of the Labor Department’s posting last week relayed that the number of people filing for initial unemployment benefits fell from 423,000 to 420,000 in the latest week. Continuing claims filed for two weeks or more were up 22,000. The bill that President Obama just signed into law helps people who have been out of work for more than 26 weeks but less than 99 weeks. Many out of work Americans were also hoping for a revision of the tiers of unemployment so that the benefits would extend past the last tier. This did not happen however but Americans are happy nonetheless. The new law restores unemployment benefits for an additional 13 months. The federal provisional programs had expired on the last day of last month. Author: Stephen Johnson
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