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GOP Unemployment Extension Fails - Click here to find out more! Money & Company Tracking the market and economic trends that shape your finances. Real Estate | Autos | Consumer | Economy « Previous | Money & Company Home | Next » Failure to pass unemployment insurance extension could cost billions, reports say November 19, 2010 | 1:17 pm Line Letting the nation's unemployment benefits expire could drain billions from the economy and cost millions of jobs, according to two reports out this week. On Thursday, House Republicans voted to deny an unemployment benefits extension, unhappy with the method planned to fund it. Ending federal extensions would drain the economy of $80 billion of purchasing power, according to a report by the U.S. Congress Joint Economic Committee. Every dollar spent on benefits increases the gross domestic product by $1.60, the report said. "Workers receiving unemployment insurance payments are typically cash-strapped and will sp...