"The filing deadline for federal unemployment insurance that provides benefits for people who run out of their 26 weeks of state-provided benefits without finding a job would be extended until January 2012. Essentially, this will make it possible for people who became unemployed in the past 99 weeks and still haven’t found a job to collect benefits for the same length of time as people who lost their job more than 99 weeks ago. This would not add additional weeks of benefits — 99 weeks would still be the maximum amount of time that anybody could receive benefits."
So, even after all the screaming from the left and the congratulatory tone from some the truth is that the agreement reached between the Republicans and the President does nothing to extend the benefits of all those that have reached 99 weeks of unemployment. All the agreement does is extend the date for filing for benefits to January 2012 without raising the cap of 99 weeks on benefits.
In the end this means that millions of people will lose their benefits in the near future. Of course, this will allow the government to stop counting them as unemployed so look for a better than expected unemployment number soon. And look for the riots to begin.
I don't think that these benefits should have been allowed in the first place because they're not authorized by the Constitution and we don't have the money to pay for them. If the government had cut, really cut without all the games and misdirection, cost somewhere else to cover these benefits then maybe we could do this. However, because we've borrowed the money to pay the benefits all we've done is push our misery onto future generations which is indefensible.
Of course, this isn't a done deal yet so we'll see where it goes. My guess is that once the left figures out just how bad the Republicans bent the President over this thing will die a quick death. Then the taxes will go up and the economy will slow even more.
Break out the fiddles boys; the country's on fire!