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Obama: Cutting Unemployment Benefits Could Cost 1 Million Jobs

"Of course, as worrisome as the issues of debt and deficit may be the most immediate concern of most Americans and of concern to the marketplace as well is the issue of jobs. And the slow pace of recovery coming out of the worst recession in our lifetimes.

"And the good news here is that by coming together to deal with the long-term debt challenge, we would have more room to implement key proposals that could get the economy to grow faster. Specifically, we should extend the payroll tax cut as soon as possible, so that workers have more money in their paychecks next year and businesses have more customers next year.

"We should continue to make sure that if you're one of the millions of Americans out there looking for a job you can get the unemployment insurance that your tax dollars contributed to. That will also put money in people's pockets and more customers in stores. In fact, if Congress fails to extend the payroll tax cut and the unemployment insurance benefits that I've called for, it could mean one million fewer jobs and half-a-percent less growth. This is something we could do immediately. Something we could do as soon as Congress gets back."

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