National

Nov 6, 2009 8:57 AM by Associated Press

Obama to sign homebuyer, jobless bill assistance

Longtime jobless people and prospective homebuyers will be the main beneficiaries when President Barack Obama signs a $24 billion economic stimulus bill today.

The White House signing ceremony comes a day after the House voted 403-12 for the measure. The Senate approved it unanimously on Wednesday.

The bill also includes tax cuts for struggling businesses.

Lawmakers note that initial signs of economic recovery have not been reflected in the job market. The bill would provide another 14 weeks of benefits to all out-of-work people and an additional six weeks in states where the jobless rate is 8.5 percent or above.

The bill extends the popular $8,000 credit for first-time homebuyers until June and adds a $6,500 credit for existing homeowners who buy a new place after five years in their current residence.

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