zerohedge.com / by Tyler Durden / 01/14/2014 17:24 -0500
Following last week’s surprising passage of the preliminary approval to extend emergency unemployment claims, i.e. emergency jobless claims, for 3 months, when six republicans sided with democrats and gave approval to the original $6.4 billion legislation, there was an expectation that up to 1.4 million Americans would get their benefits extended once again (despite the so-called recovery in the economy, and the job market, instead of just all time high S&P500). Moments ago such hopes were dashed, when a Senate plan to restore long-term jobless benefits hit a wall Tuesday after Republicans withdrew their support amid complaints over cost and other issues.
The $18 billion bill, which would restore the benefits through the end of 2014, failed to clear a key test vote. Senate Majority Leader Harry Reid needed to attract 60 senators to move the bill forward, but the bill stalled on a 52-48 vote.
No Republicans voted in favor.