Pelosi Statement on Veto-Proof Vote by House to Extend Unemployment Benefits
Contact:Brendan Daly/Nadeam Elshami, 202-226-7616
Washington, D.C. -- Speaker Nancy Pelosi issued the following statement this afternoon after the House voted 274 to 137 to pass legislation that will help workers who have lost their jobs as a result of an economy on the brink of recession. The Emergency Extended Unemployment Compensation Act passed by a 2/3 majority, a margin large enough to override a threatened veto by President Bush.
"Today, the House voted to help 3.8 million Americans who are out of work in large part because of the disastrous economic policies of this White House and its allies in Washington.
"On Friday, we received the alarming news that since the beginning of this year, our nation has lost nearly 325,000 jobs, including 49,000 in the month of May alone. The nation's unemployment rate has risen to 5.5 percent â€" the biggest monthly increase since 1986.
"The time is right. The number of long-term unemployed Americans is higher now than when Congress last extended unemployment benefits in 2002.
"This extension of unemployment insurance benefits will help people like Kathy Henry of Chicago, who was laid off from her job at an advertising company last August. In February, her unemployment benefits ran out. As she says, 'I must have had 100 interviews, and no one wants to hire. An extension of unemployment benefits would give me more time to look for a job.'
"Extending unemployment insurance benefits would also help Liz Waller of Missouri, who has just three weeks of unemployment benefits remaining. She said, 'Absolutely, an extension would make a big difference for me. I'm dying to get back to work, but I've done interview after interview and there are just way too many job candidates out there. I just keep getting told I'm overqualified.'
"Extending unemployment benefits has the potential to help the entire American economy. According to the Congressional Budget Office, it is one of the most cost-effective and fast-acting ways to stimulate the economy because the money is spent quickly. For every $1 spent on unemployment benefits generates $1.64 in new economic demand.
"All Americans are feeling real, serious, and deep economic pain. Yet President Bush has issued a veto threat against this legislation - despite the fact that it will help 3.8 million Americans and in fact, the entire economy.
"I urge the President to reconsider his veto threat and stand with hard-working Americans, just as he did in 2002."