Obama to sign bill extending unemployment benefits, homebuyers credit

WASHINGTON -- The White House says President Barack Obama on Friday morning will sign a bill that expands a popular homebuyers tax credit and extends unemployment benefits.

Congress on Thursday completed work on the $24 billion economic package that seeks to help out the millions who have lost jobs and have been unable to rejoin the workforce.

The White House announced Obama's intention to sign the bill shortly after Congress finished the legislation.

Under the measure, an $8,000 tax credit for first-time homebuyers would be extended for seven months and expanded with a $6,500 credit for some prospective homebuyers who already own homes.

The nearly 2 million people who have lost or are in danger of exhausting unemployment benefits before the end of the year would receive up to 20 weeks in additional benefits.