Hill Votes to Extend Unemployment Insurance Benefits

(Washington, DC) - Last night, Congressman Baron Hill voted to stimulate the local economy and provide stability to Hoosier families by extending unemployment insurance benefits to those hit hardest by the recession. The Unemployment Compensation Act of 2009, H.R. 3548, will provide immediate assistance, extending relief to workers in states with unemployment rates higher than 8.5%, such as Indiana.

"Almost 10,000 Hoosiers - 9,848 exactly - would have their unemployment benefits exhausted at the end of September unless we enact this bill," Hill said. "While we've seen a notable decrease in Indiana's unemployment rate for August, there are still numerous Hoosier families who need this assistance."

The extension will provide immediate, effective stimulus to the local economy. The Congressional Budget Office has cited unemployment benefits as one of the most cost-effective forms of economic stimulus, and 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.

"I'm pleased we're passing this bill in such a timely manner, and particularly pleased we're doing so in a fiscally-sound way as the legislation adheres to PAYGO rules," Hill said.

H.R. 3548 was passed by the U.S. House of Representatives with an overwhelmingly bipartisan vote of 331 to 83 Tuesday evening.