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The Senate is debating a tax/spending bill that would revive the lapsed Emergency Unemployment Compensation for people who did not receive benefits for up to 99 weeks. Many of these people who drop off these Emergency benefits, will once again be counted as part of the workforce – so unless the economy puts on a bunch of new jobs, we could see an uptick in the unemployment rate.
The US Senate approved an amendment yesterday to extend the closing deadline for the Homebuyer Tax Credit to September 30th for contracts signed by April 30th. The tax credit provision is part of the aforementioned jobs and tax package that both chambers must still vote on before it becomes law. If passed, it would means homebuyers in contract by April 30th, will now have until Sept 30th to close, instead of the prior deadline of June 30th.