Unemployed Will Have Fewer Resources Unless Congress Acts
In Congress, January 1, 2014 may not herald the fresh start to a new year as much as it will the expiration deadline of numerous Federal programs unless legislation is swiftly passed. One such program currently slated to end is the Emergency Unemployment Compensation (or, EUC) program.
EUC was implemented in 2008, and offers a temporary extension of unemployment benefits from the Federal government for individuals who are unemployed and have already exhausted regular and state benefits for which they are eligible. The program ceases on January 1, but is not a program with a phasing out period, so the actual last week of paid benefits for most people will be December 28.
The Council of Economic Advisers and the Department of Labor issued a report on the effects of EUC expiring. The Administration’s position is that, although progress has been made, and the economic condition of the country has improved since the Great Recession, taking away EUC benefits would hinder further growth at a crucial time.