WASHINGTON, DC—Following Senate passage of a bipartisan jobs bill that included extension through the end of the year of help for the those who have lost their jobs and tax relief for individuals and businesses, U.S. Senator Bob Casey (D-PA) released the following statement:
“This bill would extend through the end of the year unemployment insurance and COBRA health care premium assistance program for those who have lost their jobs. I have been a strong advocate for these programs that not only help families pay their bills while they are looking for a new job, but have one of the greatest economic returns.
“In addition to aiding families who are desperately in need of putting food on the table and a roof over their heads, an extension of the unemployment insurance has a direct impact on our nation's economy. According to economist Mark Zandi, for every $1 spent on unemployment insurance benefits, approximately $1.63 is contributed to the gross domestic product. So you spend a buck on unemployment insurance, taxpayers get $1.63 back in return.
“On the Senate floor today, I recounted some of the many stories I’ve heard, as I travel Pennsylvania or that come into my office, of people who are desperate for help. We have made progress in helping to move our economy in the right direction, but more needs to be done.
“In addition to the unemployment insurance and COBRA health care premium assistance provisions, the American Workers State and Business Relief Act provides a range of tax credits that will help businesses and state governments to create and retain jobs. For example, the bill contains an extension of the biodiesel fuel credit which will put a number of Pennsylvanians and Americans back to work. The bill contains a research and development tax credit which will help provide businesses the financial resources to compete in a global marketplace. And the bill will assist our teachers by providing a tax deduction for those teachers that spend their own money to buy supplies for their classrooms and students.”
In January, Senator Casey spearheaded a letter signed by 31 senators urging an extension through the end of the year for unemployment insurance and the COBRA health care subsidy. The letter was sent to Senate Majority Leader Harry Reid and Senate Finance Chairman Max Baucus.
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