NEWS FLASH
Failure To Extend Unemployment Insurance, Payroll Tax Cut Would Lower GDP Growth By 1.7 Percent This Year | Failure to extend the payroll tax cut and unemployment insurance when they expire this year would lower the United States’ GDP growth by 1.7 percent, according to a report released today by the U.S. Joint Economic Committee (JEC). About 3.3 million people will lose their unemployment benefits by June if they are not extended, even though those benefits provide the highest “bang for the buck” in terms of fiscal stimulus, according to the Congressional Budget Office.
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