Senate OKs Jobless Benefits Extension

WASHINGTON (TheStreet) -- The Senate voted unanimously Wednesday to extend unemployment benefits to workers who are on the verge of running out of jobless benefits.

The bill, which was approved with a 98-0 vote in the Senate, seeks to provide U.S. workers who have exhausted unemployment insurance benefits with an additional 14 weeks. Those unemployed in states with jobless rates at 8.5% or higher would receive an additional six weeks for a total of 20.

The House of Representatives is expected to pass the Senate version of the bill and send it to President Obama for his signature.

The bill carries a price tag of $24 billion as it also includes a seven-month extension for the $8,000 first-time homebuyers tax credit. The program will be extended to homebuyers who have lived in their current residence for five years, making them eligible for a $6,500 tax credit.

In addition, the Senate's bill includes tax breaks for money-losing companies. The change will allow businesses that have incurred losses in 2008 and 2009 to seek refunds for taxes paid on profits over the past five years.

-- Written by Robert Holmes in New York.

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