Tax Credit Extension Signed Includes Unemployment Benefit Extension

Obama signs bill assisting home buyers and Americans out of work.

President Barack Obama signed a $24 billion economic stimulus bill into law Friday, giving tax incentives to prospective home buyers and additional jobless benefits to those idled by the business slump.

The White House said the law, which also includes tax cuts for struggling businesses, builds on provisions in the $787 billion stimulus package enacted last February to avert an economic meltdown.

Friday the government reported the jobless rate hit 10.2 percent last month, the highest since 1983.

Obama called it a "sobering number that underscores the economic challenges that lie ahead" and vowed that he will not rest until all Americans who want work can find work.

"The law provides another 14 weeks of benefits to all out-of-work people who have exhausted their benefits or will do so by the end of the year, estimated at nearly 2 million. Those in states where the jobless rate is 8.5 percent or above get an additional six weeks.

The Labor Department reported Friday that that employers shed another 190,000 jobs in October. Obama said job creation traditionally lags behind economic growth, but he acknowledged that is small comfort to those seeking work.

"So although it will take time and it will take patience, I am confident that our economy will recover," Obama said. "I'm confident that we're moving in the right direction. And I promise that I won't rest until America prospers once again."

The tax credits will be available through next June as long as the buyer signs a binding contract by the end of April.

The program is expanded to include a $6,500 credit for existing homeowners who buy a new place after living in their current residence for at least five years.

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