Early Briefing: Opposition to Expanding Unemployment in Va.

A group of Republican lawmakers and officials with the Virginia Chamber of Commerce said expanding unemployment benefits to receive $125 million in federal stimulus funding would mean higher taxes for businesses once the stimulus money is exhausted.
Virginia, which recorded a 6.4 percent unemployment rate in January, is already eligible for $62.5million in federal job benefits money, about one-third of its total allotment. To be eligible for the other two-thirds, the state would have to provide coverage to at least two of four groups of unemployed people: those only available to work part time; workers who left their jobs for compelling family reasons such as domestic violence, a spouse moving to take another job or caring for a sick child; workers with dependent children; and workers who need benefits extended through certain kinds of job retraining.
Those opposed say such an expansion would upend the letter and spirit of the state's unemployment insurance system.

Boeing and Northrop Grumman set out yesterday to justify their costly programs in anticipation of budget cuts from the Pentagon. It's a sharp turnaround from recent years of plenty for the contractors, which have joined other big defense companies in benefiting from increased defense spending and the wars in Iraq and Afghanistan. But the Obama administration has promised new priorities in spending, spurring the efforts by companies to try to protect their major programs.

BearingPoint, the McLean consultancy that filed for bankruptcy protection last month, seeks to speed approval of a deal to sell some of its assets to Deloitte for $350 million. Deloitte can terminate its offer if a bidding procedure isn't in place by April 6 and the sale isn't approved by April 23, BearingPoint said in a filing in U.S. Bankruptcy Court in Manhattan.

By Terri Rupar  |  March 25, 2009; 7:30 AM ET  | Category:  Economy Watch , Morning Brief
Previous: Early Briefing: BearingPoint Nearing an End? | Next: Chairman Sees Substantial Losses at Post in 2009


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