WASHINGTON, DC - Congress today overwhelmingly passed U.S. Senator Jack Reed's (D-RI) initiative to extend jobless benefits and help states like Rhode Island that have unemployment rates above the national average. Unemployment insurance provides laid-off workers with the resources to pay their bills while they search for a new job or retrain for a new career.

"This legislation will provide $6 billion worth of assistance to help job seekers nationwide who are struggling to make ends meet while they look for work in an increasingly difficult job market," said Reed. "The bill provides 7 weeks of unemployment insurance for eligible unemployed workers who have exhausted their benefits and an additional 13 weeks of benefits to job seekers in states like Rhode Island that have unemployment rates above the national average."

Over 750,000 unemployed workers nationwide ran out of benefits last month. Without this legislation, which Reed introduced earlier this fall with then-Senator Barack Obama, nearly 1.2 million Americans are expected to exhaust their current benefits by the end of the year.

"As we approach the holiday season, the legislation we passed today provides targeted assistance to people who are looking for work and another needed layer of unemployment benefits as jobs are becoming scarcer. This is a wise investment of federal dollars that will help families and shore up the state's unemployment trust fund, which is critical to ensuring solvency," said Reed.

For every $1 the federal government invests in unemployment insurance, it adds $1.64 to the national GDP.

"Economists agree extending benefits is one of the most effective ways to stimulate the economy," noted Reed. "This money will be spent on basic necessities like groceries, rent, fuel, and medicine. And it gets pumped right back into the economy and our communities. Extending unemployment insurance is a smart investment and the return for our nation will be exponential."

Now that the bill has been approved by Congress, President Bush has indicated that he will sign the legislation into law.