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Congresswoman Maxine Waters Votes to Extend Unemployment Insurance
Benefits, Stimulate Californian and American Economies
 
 Washington, DC - Congresswoman Maxine Waters (CA-35) voted today to
 support individuals and families in California and across the country by
 extending unemployment insurance benefits to those hit hardest by the
 recession. The Unemployment Compensation Act of 2009 will provide
 immediate assistance, extending relief to the estimated 314,000 workers
 nationwide who would otherwise exhaust their unemployment benefits by
 the end of September. The bill would also assist the over one million
 more Americans whose benefits would run out by the end of the year,
 including approximately 155,000 Californians.
 "Though signs are pointing to a slow and steady climb out of this
 recession, Californians and all Americans are still hurting," said
 Congresswoman Waters. "The families who receive these benefits will be
 putting money right back into our local economy - buying groceries,
 filling their cars with gas, and making their mortgage payments on time.
 This extension will give out-of-work Americans some peace of mind and
 additional help as they try to provide for their families and look for
 work."
 The extension will provide an immediate, effective stimulus to both our
 state and national economy, which as of August 2009 have unemployment
 rates of 12.2 and 9.7 percent respectively. The Congressional Budget
 Office has cited unemployment benefits as one of the most cost-effective
 forms of economic stimulus because every dollar spent on unemployment
 benefits generates $1.63 in new demand, according to Moody's chief
 economist Mark Zandi. The extension is fully paid for and strengthens
 reporting requirements to reduce unemployment insurance overpayments.
 The legislation will help families in at least twenty-seven states with
 the highest unemployment rates, including California. Workers in these
 states who have exhausted or will soon exhaust their benefits will be
 eligible for an additional thirteen weeks of insurance, bringing the
 total to forty-six weeks.
 "The unemployment rate continues to hover at an uncomfortably high level
 for all Americans, especially for the African-American and Latino
 communities," said Congresswoman Waters. "With so many Californians
 currently looking for work, voting for this extension is an important
 way to help those hardest hit during this economic downturn. I will do
 everything in my power to ensure that Californians and all Americans can
 find gainful employment, stay in their homes, and be set on a sustained
 path to economic security."