–Senate Democrats Fall One Vote Short On UI Bill Wednesday Evening
–Unclear If House Democrats Will Try To Pass UI Extension Bill
By John Shaw
WASHINGTON (MNI) – The Senate adjourned until after the July 4th
recess having failed Wednesday evening to pass a package that would
extend unemployment insurance and give homebuyers more time to qualify
for a tax credit by extending the deadline for closing on a home
purchase from June 30 to Sept 30.
Senate Majority Leader Harry Reid fell one vote short of the 60
votes he needed to limit debate on the package.
The Senate vote Wednesday evening was 58 to 38 to end the debate.
Once the outcome was clear, Reid switched his vote to ‘no’ in a
procedural move that would allow him to bring up the package again.
The bill would have retroactively restored UI benefits that lapsed
June 2 and extended them through Nov. 30.
After the measure stalled, the Senate passed by a voice vote the
House-approved homebuyer tax credit bill that has the same three-month
closing date extension in the Senate bill, but it differs in offsets.
The Senate has adjourned until July 12. Many senators will attend a
memorial service for former Sen. Robert Byrd in the Senate chamber
Thursday and then Byrd’s funeral Friday.
The Senate’s week-long Fourth of July recess begins Friday and
senators will not return until July 12.
That week the Senate is expected to take up a financial services
regulatory reform bill. The House passed that bill Wednesday evening.
The House could vote Thursday on a stand-alone bill to extend
unemployment benefits, but this measure could not be taken up by the
Senate until mid-July.
The House is expected to begins its July 4th recess Thursday
evening.
** Market News International Washington Bureau: (202) 371-2121 **
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