Extension of Unemployment Benefits Set to Expire

(NECN: John Moroney ) - Millions of American families could have a tougher time buying gifts this holiday season as extended unemployment benefits expire.

Members of Congress could not agree on another extension, meaning those benefits will begin running out throughout the month.

In the midst of all this, one major Boston company is announcing new layoffs. State Street is cutting its global workforce by 5%, laying off 1,400 employees. About 400 of them are in Massachusetts.

Those losing their jobs at State Street will still be able to receive unemployment. Those who can't are people who topped out at the 99-week maximum.

Jobless benefits are now starting to run out for 2 million Americans as Congress can't agree on how to pay for them.

However, those whose benefits are running out are being told to file anyway, in case Congress does find a way to extend them at another point in time.

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