President Obama to Sign Legislation to Extend Unemployment Benefits

Earlier this morning, the U.S. Department of Labor released their updated unemployment rate statistics, which indicated that our nation's rate has reached its highest percentage in over a quarter-century. To counter-act the inevitable backlash that will generate from those who are suffering the most from our nation's economic situation, President Obama is expected to sign the Worker, Homeownership and Business Assistance Act of 2009.

One of the most impactful aspects of this legislation is that it will extend unemployment benefits for an additional 20 weeks, according to UPI.com. The extension of jobless benefits applies to individuals whose benefits have either already run out or are scheduled to run out by the end of 2009.

This legislation was met with overwhelming support both in the Senate and the House of Representatives as evidenced by the fact it received unanimous support in the Senate and was cleared by the U.S. House of Representatives in a 403-12 vote.

According to UPI.com, other important aspects of the Worker, Homeownership and Business Assistance Act of 2009 include a one-time extension of the $8,000 home buyer tax credit that is expected to help stabilize our nation's housing market and an enhanced tax cut for U.S. businesses.