Obama To Sign Homebuyer, Jobless Bill Assistance

JIM ABRAMS

WASHINGTON (AP) — President Barack Obama is set to sign a $24 billion economic stimulus bill providing tax incentives to prospective homebuyers and extending unemployment benefits to the longtime jobless who have been left behind as the economy veers toward recovery.

The White House signing ceremony Friday comes a day after the House, displaying rare bipartisan agreement over the seriousness of the jobless situation, voted 403-12 for the measure. The Senate approved it unanimously on Wednesday.

The White House said the bill, which also includes tax cuts for struggling businesses, builds on provisions in the $787 billion stimulus package enacted last February that aim at spurring job creation.

Lawmakers stressed that the fourth unemployment benefit extension in the past 18 months was necessary because initial signs of economic recovery have not been reflected in the job market.

"The truth is that long-term unemployment remains at its highest rate since we began measuring it in 1948," House Majority Leader Steny Hoyer, D-Md., said. About one-third of the 15 million people out of work have gone at least six months without a job.