By Tami Luhby, senior writer
February 19, 2010: 6:12 PM ET
NEW YORK (CNNMoney.com) -- More than 1 million people could lose their jobless benefits and health insurance subsidy in March if Congress doesn't act fast.
When it returns from the President's Day recess on Monday, the Senate will have one week to extend the deadlines to apply for federal unemployment benefits and the COBRA health insurance subsidy. Currently, the jobless have until Feb. 28 to sign up.
Without an extension, people receiving state jobless benefits won't be able to apply for additional federally paid unemployment insurance, and anyone already receiving those checks could be cut off.
Justin Julian is one the 1 million people who are desperate for Congress to take action next week. If they don't, he and his wife won't have a place to live.
The Lewisville, Texas, resident lost his software position in August and will miss the deadline to apply for additional federal benefits by only a few days. He currently receives $1,600 a month in unemployment benefits, which he uses to cover rent, car payments and the electricity bill. He must borrow money from friends and family to pay for food.
"Without the unemployment insurance, we can't pay any of our bills," said Julian, 39, whose wife is disabled. "It's kind of doomsday for us. We'll wind up sleeping on friends' couches."
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Thanks Bill so that will cause even more trouble with housing, banks, etc.
The current “shadow inventory” (including all delinquent loans, not only those that are real estate owned [REO]) of troubled mortgages will likely take about 33 months?or nearly three years?to clear at the current rate of liquidations. Moreover, we believe this estimate is conservative, as we do not assume any loans that have yet to show any serious signs of distress to date will default in the future and further increase the overhang of homes. Nonetheless, we believe that in reality additional loans will default in the near future due to the weak economic environment, distressed residential home values, and the resulting contraction in the supply of mortgage finance.
http://www.standardandpoors.com/ratings/articles/en/us/?assetID=1245206147429
There's the "glitch" in the story for me. There are food pantries run by non-profits (or churches) all over the place....