Congress extends jobless benefits

By Tami Luhby, senior writer


NEW YORK (CNNMoney.com) -- Lawmakers voted Thursday to push back the deadline to file for extended unemployment benefits until June 2, a measure President Obama promptly signed into law.

The measure restores federal unemployment benefits to more than 200,000 jobless Americans who started losing them on April 5 after lawmakers let that deadline pass. Checks would be retroactive to that date.

Federal unemployment benefits, which last up to 73 weeks, kick in after the state-funded 26 weeks of coverage expire. These federal benefits are divided into tiers, and the jobless must apply each time they move into a new tier.

The bill extends several other provisions until May 31, including: The federal COBRA health insurance subsidy; the National Flood Insurance Program and the copyright license used by satellite television providers. It also prevents a 21% reduction in Medicare payment rates for doctors from taking place until May 31.

Though the measure generally enjoys bi-partisan support, Republicans in the Senate have resisted extending unemployment benefits, saying the benefit must be paid for.

Some 11.2 million people now receive unemployment insurance, with 6 million of them collecting extended benefits, according to the National Employment Law Project, an advocacy group.

Though the economy is slowly improving, the unemployment rate remains stuck at 9.7% and the average duration of unemployment is 31.2 weeks.

Lawmakers had already approved two short-term extensions of the filing deadline since late December. Both the House and the Senate also have passed bills that push back the deadline to file for extended benefits until later in the year, but those measures need to be reconciled. To top of page

Frontline troops push for solar energy
The U.S. Marines are testing renewable energy technologies like solar to reduce costs and casualties associated with fossil fuels. Play
25 Best Places to find rich singles
Looking for Mr. or Ms. Moneybags? Hunt down the perfect mate in these wealthy cities, which are brimming with unattached professionals. More
Fun festivals: Twins to mustard to pirates!
You'll see double in Twinsburg, Ohio, and Ketchup lovers should beware in Middleton, WI. Here's some of the best and strangest town festivals. Play
Index Last Change % Change
Dow 17,959.44 154.64 0.87%
Nasdaq 4,781.42 16.04 0.34%
S&P 500 2,078.54 7.89 0.38%
Treasuries 2.16 -0.01 -0.64%
Data as of 11:52pm ET
Company Price Change % Change
Gilead Sciences Inc 92.90 -15.55 -14.34%
Bank of America Corp... 17.71 0.09 0.51%
Apple Inc 112.94 1.16 1.04%
General Electric Co 25.71 0.09 0.35%
Facebook Inc 81.45 1.57 1.97%
Data as of 4:00pm ET

Sections

Private equity titan CEO David Rubenstein drops some rhymes in a holiday message to investors. More

Sure you could spend more this holiday, but your better bet is to put the money you save in your 401(k). More

So, North Korea's Internet went down. What is it like anyway? There are PlayStations, XBoxes and a MacBook. More

Unilever sued Hampton Creek over its egg-free mayonnaise spread Just Mayo. But the company behind Best Foods and Hellman's mayonnaise has now dropped the lawsuit. More

Retired union workers could see their pensions cut under a controversial new law, but many say they're not sure how they'll make ends meet if big cuts go through. More

Most stock quote data provided by BATS. Market indices are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer.

Morningstar: © 2014 Morningstar, Inc. All Rights Reserved.

Factset: FactSet Research Systems Inc. 2014. All rights reserved.

Chicago Mercantile Association: Certain market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved.

Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. Standard & Poor's and S&P are registered trademarks of Standard & Poor’s Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. All content of the Dow Jones branded indices © S&P Dow Jones Indices LLC 2014 and/or its affiliates.