Unemployment benefits may soon be axed

Not extending unemployment benefits set to expire this week for 2 million Americans would ultimately lead to a hundreds of thousands increase in unemployment numbers by the end of next year, White House representatives contended in a phone call with reporters this afternoon.

Austan Goolsbee, the chairman of the White House Council of Economic Advisors, said that the economic reverberations of an extension to unemployment benefits would be “significant” and estimated 600,000 fewer jobs beginning in 2012.

The study by the White House makes the case that the 2 million affected Americans would in turn, spend less money in their local markets, causing a gap for a number of industries which would have to make up the difference by performing cuts of their own.

Congressional Republicans, however, refuse to budge on the issue until their Democratic counterparts can find a place in the budget to cut spending, rather than adding to the national deficit by again extending the unemployment program.

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