Unemployment Insurance Running Out

UPDATE 6:31 PM:

Responding to the massive public outpouring as a result of our earlier blog post, Congress rushed through an emergency 13-week extension of jobless benefits. President Bush is expected to assign the legislation immediately.

Original post from 2:23 PM:

According to the latest Economic Snapshot by the Economic Policy Institute (EPI), the massive spike in jobless claims coincides with the expiration of unemployment benefits for millions.

From EPI:

Over 890,000 unemployed workers already have exhausted their 13-week extension, and another 1.2 million are projected to exhaust benefits by year’s end.3 Without these benefits, the Congressional Budget Office finds that about 50% of the long-term unemployed fall under the poverty line.4 Congress should act swiftly to extend benefits for another seven weeks in all states, and an additional 20 weeks (for a total of 33) in states with unemployment over 6.0%.