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Senate agrees on unemployment insurance extension

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WASHINGTON (NBC) - Senate Democrats spent more than nine hours hammering out a deal on unemployment benefits, it now appears a deal has finally been reached.

West Virginia Senator Joe Manchin was seemingly the cause of the hold up after he threatened to derail an earlier proposal.

Under this new deal, Federal unemployment benefits will be provided at $300 a week and expire on Sep. 6. That's according to a Democratic aide.

In a statement, Senator Manchin said "We have reached a compromise that enables the economy to rebound quickly while also protecting those receiving unemployment benefits from being hit with unexpected tax bill next year. Those making less than $150,000 and receiving unemployment will be eligible for a $10,200 tax break."

The deal is a reduction in benefits from the House-passed version, which included $400 per-week jobless benefits through August.

NBC News

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