House fails to extend unemployment benefits

If this the extension doesn't pass, then I would expect to see some downward pressure on rents and consumption data.  

Federal jobless payments, which last up to 73 weeks, kick in after the state-funded 26 weeks of coverage expire. These federal benefits are divided into tiers, and the jobless must apply each time they move into a new tier.

Congress has extended the deadline to file those applications four times in the past year. The last jobless benefits extension -- which lasted six months and cost $34 billion -- faced a lot of opposition on deficit conscious Capitol Hill before it finally passed in mid-July.

The $12.5 billion bill that was on the floor Thursday needed two-thirds approval, or 275 votes, a tough hurdle. The vote was 258 to 154.

Still, the bill was the opening salvo in what's likely to be a highly charged debate on extending the safety net for the nation's millions of unemployed. While the next step is unclear, it's possible the extension will resurface in a larger bill, such as one that would extend the Bush tax cuts.

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