The long-term unemployed will be among the first to feel the effects of the forced budget cuts scheduled to take effect on Friday.
NEW YORK (CNNMoney)
Across the nation, the long-term unemployed -- who collect these extended federal benefits -- will be among the first to be hit by the forced spending cuts. States are waiting for guidance from Washington, D.C., so they can reprogram their computers to accommodate the spending cuts.
Some 3.8 million people could see their weekly benefits drop by 9.4% if the budget cuts go into effect, according to U.S. Department of Labor estimates. Recipients of those payments would lose an average of more than $400 in benefits each this fiscal year, which ends on Sept. 30.
State benefits in Indiana and elsewhere would not be affected. The jobless can collect state benefits for up to 26 weeks after they're laid off. After those run out, the federal program kicks in.
Just when the long-term unemployed will see smaller checks depends on where they live. It could take a few weeks, as states scramble to adjust their systems if Congress fails to avert the cuts. Any reductions, though, would be retroactive to March 1.
Federal extended benefits payments kick in when state unemployment insurance ends. Eligible workers can then collect federal benefits for up to 47 weeks. The payments, which average $300 a week, are an emergency measure that Congress has been authorizing since 2008. It's a stopgap aimed at protecting the millions of Americans struggling to find new jobs in a challenging economy.
The forced spending cuts scheduled to take effect Friday don't end the program's funding, but they trim it.
First Published: February 27, 2013: 6:15 PM ET
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