1.3 million long-term unemployed Americans are set to lose federal unemployment benefits on Saturday, since Congress failed to agree on an extension in the recently passed budget agreement. The Emergency Unemployment Compensation program was enacted during the recession and pays an average of $300 a week to those who have used up the 26 weeks of insurance offered by most states. If extended through next year, the Congressional Budget Office estimates that the program would pay out $25 billion.
