[Congressional Record Volume 155, Number 165 (Friday, November 6, 2009)]
[Extensions of Remarks]
[Page E2737]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




            UNEMPLOYMENT COMPENSATION EXTENSION ACT OF 2009

                                 ______
                                 

                               speech of

                           HON. BOB ETHERIDGE

                           of north carolina

                    in the house of representatives

                       Thursday, November 5, 2009

  Mr. ETHERIDGE. Mr. Speaker, I rise in support of the Senate Amendment 
to H.R. 3548. This bill combines vital assistance to unemployed 
Americans and includes measures to help get our economy back on track.
  Despite some significant indicators that our economy is beginning to 
recover, far too many people are looking for work. In my state of North 
Carolina, unemployment has risen to 10.8 percent, with many counties 
experiencing rates above 15 percent. This bill will extend unemployment 
insurance to provide critical assistance for these Americans who are 
struggling the most. Unemployment insurance would be extended for 14 
additional weeks, with an extra six weeks for states like North 
Carolina with unemployment levels over 8.5 percent.
  Other provisions in this bill are critical to creating new job 
opportunities and helping millions of Americans keep the jobs they 
have. This bill would extend the First-Time Homebuyers Tax Credit 
through the end of April 2010 and create a new credit of $6,500 for 
homeowners who have lived in their current residence for at least five 
years. The housing industry has been hit hard during this recession, 
and creating an incentive for homebuyers to rejoin the market can 
lessen the drag that this is creating on the economy as a whole. The 
extended homebuyer tax credit not only helps put American families in 
new homes, but it benefits our flagging housing industry and the 
millions of jobs throughout this sector whether it is real estate, 
construction, or the building supply chain.
  As a Member of the House Committee on Ways and Means, I am also proud 
that this bill expands the carryback of net operating losses that was 
included in the American Recovery and Reinvestment Act. The Net 
Operating Loss provisions in this bill will help many businesses offset 
past losses and reduce their tax liability. Many American businesses 
are continuing to struggle in the face of our sluggish economy. The 
Five-Year Carryback of Net Operating Losses results in more capital for 
these businesses, allowing them to get healthy, contribute to the 
growth of our economy, and create more jobs.
  I applaud the Senate for sending this timely bill back to the House 
for a vote, as we move forward on growing our economy and creating jobs 
for Americans. I support the Senate amendment to H.R. 3548, and I urge 
my colleagues to join me in voting in favor of it.

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