Obama to sign unemployment extension

President Barack Obama will sign into law on Friday legislation that extends unemployment benefits and continues the $8,000 homebuyer tax credit.

The White House said Thursday, shortly after the House passed the bill, that Obama will sign the bill that "builds on Recovery Act provisions aimed at spurring new job creation."

The Bureau of Labor Statistics will announce what is expected to be an uptick in the national unemployment rate on Friday morning as the number nears Obama's prediction of 10 percent national unemployment by year's end.

The House voted overwhelmingly in favor of the legislation after the Senate passed it on Wednesday.

The measure extends unemployment relief for up to 20 additional weeks and creates a tax cut for struggling businesses in addition to the one-time extension of the homebuyer tax credit, the White House said.