Senate Votes to Extend Unemployment Benefits

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Jan. 7 (Bloomberg) -- Peter Cook reports on the Senate vote to extend emergency unemployment benefits. He speaks on Bloomberg Television's "Money Moves." (Source: Bloomberg)

The republican side was there, it is a long way from being a done deal.

They did break ranks and joined with those democrats to move forward today in the u.s. senate, and even before the vote happened, we had top senate leaders lamenting this.

We had six republicans, some of them from some very high unemployment states deciding to go for the final tally for a further conversation and perhaps another vote later this week.

This would extend the unemployment benefits for another three months retroactively.

This would affect those who lost them at the end of the year.

They say it is important to keep that money flowing, and the president hailed the vote and said he would sign it right away if congress passed it, but house speaker john boehner said, listen, this has to be paid for.

It is billions for the extension.

Others say that they are also insisting it be paid for, at a minimum, so that is where we stand.

They understand they now have to sit down at the negotiating table and work this out, if this is going to become a reality.

It still has to be approved in the senate, and then it is over in the house, where there is some issue with john boehner if it is not paid for.

This is at a time when some are still feeling the pain of the recession, and also is an issue that democrats are going to hammer home.

Thank you very much, our chief washington correspondent, peter cook.

And the second portfolio manager

This text has been automatically generated. It may not be 100% accurate.

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