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[Congressional Record Volume 154, Number 160 (Thursday, October 2, 2008)]
[Senate]
[Pages S10401-S10402]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]

                   EXTENSION OF UNEMPLOYMENT BENEFITS

  Mr. REED. Mr. President, I rise also to speak about a very important 
topic, and that is the need to enact legislation to help unemployed 
Americans amid the current economic downturn. Yesterday, we passed an 
unprecedented package of support for the financial markets. There are 
many Americans who are suffering as grievously as our financial markets 
and those who work in the financial markets. There are an estimated 
800,000 unemployed workers who will begin to run out of emergency 
unemployment compensation because jobs are too scarce in the current 
economic climate. We cannot turn our back on these 800,000 Americans. 
We need to help them. In June, I was pleased by the inclusion of 13 
weeks of emergency unemployment compensation to all States in the war 
supplemental spending bill. This help was critical and something I had 
advocated for a very long time.
  Too many individuals in our States who have been unemployed are still 
looking for work, but they can't find it and they are running out of 
benefits. The labor market continues to deteriorate. This impact is 
becoming magnified as a result of the continued unravelling of the 
financial marketplace. We are seeing--in fact, one of the reasons we 
acted last evening--credit markets seize up. We are seeing auto sales 
lots not able to finance the acquisition of cars and buyers not able to 
buy automobiles. We are seeing a host of problems that manifest 
themselves in GDP statistics, unemployment statistics, and in the lives 
of ordinary Americans it is manifested in the stark reality of no work 
and a family to support. We have experienced the eighth straight month 
of job declines. Unemployment has soared to a 5-year high of 6.1 
percent; 16 States now have an unemployment rate of 6.5 percent or 
greater. New national unemployment numbers for September will be 
released tomorrow morning. It is expected that these numbers will 
continue the downward trend, given the sustained notices of plant 
closings, mass layoffs, and cutbacks for small businesses trying to 
survive in this environment. In my State of Rhode Island, the situation 
is more bleak: 8.5 percent are jobless right now. It is the second 
highest level in the Nation, a jump of over 3.4 percent in the course 
of the last year alone. We are hemorrhaging jobs in Rhode Island. It is 
the highest unemployment rate in Rhode Island since November 1992.
  In addition to this evaporation of jobs is the acceleration of 
prices. Gasoline, food, and health care costs are all accelerating. 
Families are caught in a tremendous squeeze. That is why I am pleased 
to have introduced bipartisan legislation, which has been cosponsored

[[Page S10402]]

by more than 20 of my colleagues, including the chairman of the Senate 
HELP Committee and the Finance Committee, Senators Kennedy and Baucus, 
to extend unemployment insurance benefits so people can pay their bills 
while they look for work. This measure provides 7 weeks of federally 
funded unemployment insurance for individuals who have exhausted their 
benefits, and it provides 13 additional weeks of benefits to unemployed 
workers in States that have been hit particularly hard by this economic 
downturn, States that have unemployment rates above 6 percent. Right 
now 17 States would qualify for this high unemployment figure.
  The bill also includes a provision to help qualifying States, such as 
Rhode Island, replenish their unemployment insurance trust funds which 
help cover a portion of unemployment insurance benefits. The Senate 
stimulus package that failed last week included these same provisions 
to extend unemployment insurance. We need to take aggressive steps to 
help these families who are struggling to make ends meet. I ask that my 
colleagues join me in supporting this legislation.
  I was prepared to ask consent to pass this legislation, S. 3507, 
today, but I understand there is an objection by the minority. Passage 
of this legislation is vital. Since it appears there will be a lameduck 
session after the election, I will work with my colleagues to bring 
this legislation, if possible, to that lameduck session to get it 
passed. We have to help these Americans.
  In summary, if we could afford to authorize $700 billion last evening 
to assist financial forces to unclog credit markets, to begin to 
provide support for the economy, then we certainly can afford to help 
individuals who are looking for work and can't find it and are 
desperate. It is only right. I hope we can do that when we return.
  I yield the floor.
  The PRESIDING OFFICER (Mr. Brown). The senior Senator from Colorado 
is recognized.

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