Pelosi lobbies for benefits extension

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WASHINGTON, July 7 (UPI) -- House Speaker Nancy Pelosi lobbied for the extension of U.S. unemployment benefits Wednesday, distributing quotes from economists to lend the bill support.

A statement from Pelosi's office said the extension would provide "a proven boost to the economy and a much-need(ed) lifeline for Americans looking for work in a tough economy."

The office quotes a Congressional Budget Office report that said, "Increasing aid to the unemployed would have the largest effects on output and employment per dollar of budgetary cost in 2010 and 2011."

A quote from Moody's Analytics Chief Economists Mark Zandi reads, "No form of fiscal stimulus has proved more effective during the past two years than emergency UI benefits, providing a bank for the buck of $1.61 -- that is, for every $1 in UI benefits, gross domestic product is increased by an estimated $1.61."

William Black, an economics professor at the University of Missouri-Kansas City, recently warned, "If you put the country into a deeper recession, tax revenues will fall and you'll have an even deeper debt."

Pelosi's office took a swipe at congressional Republicans for supporting "Wall Street banks, credit card companies, Big Oil, and insurance companies -- the special interests that benefited from George Bush's policies and created the worst financial crisis since the Great Depression."