FOR IMMEDIATE RELEASE, Tuesday, April 16, 2008
CONTACT: Debra Curtis, (202) 225-5065

WASHINGTON, D.C. -- Today the House Ways and Means committee voted 23-13 to approve a 13-week extension of unemployment insurance benefits for jobless workers (H.R. 5749). At the conclusion of the markup, Representative Pete Stark (CA-13), a senior member of the committee, issued the following statement:

“California's workers and families are struggling. Homes are being foreclosed, food and gas prices are rising, and jobs are hard to find. Last month, the Bush Administration decided to bailout Bear-Stearns to the tune of $30 billion. Today, the Ways and Means committee showed that our priorities are with workers trying to pay their bills, not Wall Street behemoths worried about their share prices.

“This legislation will not only help jobless workers, it will also stimulate our lagging economy. Most economists, including CBO Director Orszag, agree that extending unemployment benefits is highly effective at stimulating the economy. The reason is simple: an extension will get money into the hands of individuals who will spend it. For every dollar spent on extending UI benefits, $1.64 in economic activity is generated.

“Nearly a quarter million jobless workers in California will lose their unemployment benefits by June if this legislation is not adopted. I hope that this bill will become law as soon as possible. If the President can deliver billions to Wall Street, we can certainly support workers on Main Street.”

[Link to bill summary]