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Democrats want unemployment benefits tacked onto super committee deficit bill

November 5, 2011

The good news from the Labor Department Friday was that 80,000 new jobs were added to the economy last month.

The bad news is that it was only 80,000 jobs.

19 Days Super Committee CountdownThat dreary October jobs report underscored the request this week from some Democrats that the deficit reduction super committee include a one-year extension of unemployment benefits in any plan it formulates.

Unemployment benefits are set to expire on Dec. 31. Extending them through 2012 is estimated to cost $44 billion.

That amount is one reason why Republicans are opposing additional payments for out of work individuals.

And that partisan resistance is a key reason why House Ways and Means Democrats are urging members of the Joint Select Committee on Deficit Reduction to include the money for the jobless in its final measure, due by Nov. 23.

With Congress gridlocked on jobs proposals, they say the unemployment benefits are critical. And they believe that tacking them onto any must-pass deficit cutting plan is the best shot at getting the federal payments through Congress.

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TAX-SAVVY WAYS 
TO WRAP UP 2026

It’s over! With October’s extended filing deadline behind us, it is now time to focus on year-end moves to reduce your 2026 tax bill. 

You’ll find ways to do just that on the Tax Tips page (see the More Tax Posts drop-down menu at the top of the blog), as well as the separate tax tip pages for each month, notably October through December. If you’re on the Tax Tips page, you’ll find a monthly list at the end of this column. If you’re on another blog page, you can head straight to the October tips; at the bottom of that tips page you’ll find links to all the other 11 months’ collections of tax advice.

Not to spoil what you’ll find in that tax advice, but it does cover such things as tax deductions for charitable donations, investment moves that could reduce tax due, and ways to max out your tax-favored retirement savings. 

Finally, as the year winds down, things get hectic. There are lots of other things to occupy our time, like the much more fun upcoming holidays. But don’t lose sight of taxes, since timing is key. To be of use, most tax moves must be made by the end of the tax year. That’s Thursday, Dec. 31, which also is the last business day of the year. 

So that you don’t miss that final tax year deadline, also keep an eye on the countdown clock below. It will keep you on top of just how much time is left to make important, tax-saving moves. (Note: I’m in the Central Time Zone, so adjust accordingly for where you live.)

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