Unemployment reaches 26 year high
WASHINGTON (AP) - President Barack Obama has signed a bill
providing tax incentives to prospective homebuyers and extending unemployment benefits to the longtime jobless. The $24 billion economic stimulus bill was signed into law a day after the House approved it 403-12 in a rare bipartisan agreement. The Senate approved it unanimously on Wednesday. The law also includes tax cuts for struggling businesses. The White House says it builds on provisions in the $787 billion stimulus package enacted last February that aim at spurring job creation. In Rose Garden remarks today, Obama said the need for the measure was made clear by the news that the unemployment rate hit 10.2 percent last month, the highest since 1983. He called it a "sobering number that underscores the economic challenges that lie ahead." Obama said he "will not rest until all Americans who want work can find work." |
