This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
$1 buys you full access to ALL of TheStreet's Subscription Services! Learn More

Jobless bill stalls in Senate

By DAVID ESPO

WASHINGTON (AP) a¿¿ Legislation to resurrect long-term jobless legislation stalled in the Senate on Thursday, triggering recriminations from both sides of the political aisle despite earlier expressions of optimism that benefits might soon be restored for more than 1 million victims of the recession.

Gridlock asserted itself after majority Democrats offered to pay for a 10-month extension of a scaled-back program of benefits a¿¿ then refused to permit Republicans even to seek any changes.

Instead, Majority Leader Harry Reid, D-Nev., accused Republicans of "continually denigrating our economy, our president and frankly, I believe, our country."

But Sen. Dan Coats of Indiana, one of a half-dozen Republicans who helped advance the bill over an initial hurdle earlier in the week, said he hadn't been consulted on any compromise.

Echoing complaints by other members of his party, he said that under Reid's leadership he has been relegated to the sidelines. Indiana voters "didn't send me here to be told just to sit down and forget it," he said.

At issue was a struggle over the possible resurrection of a program that expired on Dec. 28, immediately cutting off benefits of roughly $256 weekly for more than 1.3 million hurt by the recession.

The measure is the first to come before the Senate in the election year, and since Monday has become ground zero of a competition between the political parties to appeal to hard-hit victims of the longest recession in more than a half-century.

While unemployment has receded in recent months, long-term jobless is high by historical standards.

Despite the squabbling, lawmakers in both parties said the effort to find a compromise would continue.

"We're still trying to work through this," said Sen. Jack Reed, D-R.I., whose state has 9 percent unemployment.

At midday Thursday, Reid had expressed optimism about the chances for compromise, and Democratic officials said talks with Republicans were focused on a scaled-back program that is fully paid for and would provide up to 31 weeks of benefits for the long-term unemployed.

1 of 3

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!

Markets

DOW 17,827.75 +12.81 0.07%
S&P 500 2,072.83 +5.80 0.28%
NASDAQ 4,787.3170 +29.0650 0.61%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs