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Daily Tax Update - January 7, 2014: Senate Extension of Unemployment Benefits Clears Procedural Hurdle

SENATE EXTENSION OF UNEMPLOYMENT BENEFITS CLEARS PROCEDURAL HURDLE:  Today, the Senate cleared a procedural hurdle to advance a proposal to extend unemployment benefits for three months. The bill does not include any offsets.  Senate Majority Leader Harry Reid said today that he is open to finding an offset to pay for extending unemployment benefits through 2014.  Reid said, “If they can come up with some — they meaning the Republicans — something that’s reasonable for a yearlong extension, I’ll take a look at it.”

The House Republican leadership also wants a bill that is fully paid for.  House Speaker John Boehner said that President Obama should come up with the offsets.  Boehner said,  “One month ago I personally told the White House that another extension of temporary emergency unemployment benefits should not only be paid for but include something to help put people back to work.  To date, the president has offered no such plan.”

House Minority Whip Steny Hoyer added, “We think it shouldn't be paid for, but if the Republicans come up with a pay-for, we'll have to see what the pay-for is.”