What happens to economy when federal jobless benefits run out?

By the end of the year much of that money will disappear, resulting in a loss of $37 billion in personal income, according to Moody's Analytics (via the NYT). The elimination of so much money could put a further drag on consumer spending, especially if job growth doesn't pick up soon. From the Times:

Throughout the recession and its aftermath, government benefits have helped keep money in people's wallets and, in turn, circulating among businesses. Total government payments rose to $2.3 trillion in 2010, from $1.7 trillion in 2007, an increase of about 35 percent. While some of that growth was in Social Security and disability benefits as the population aged, the majority resulted from payments to people continuing to suffer from the recession, said [economist Mark] Zandi. Unemployment benefits, including emergency and extended benefits, are more than three times their prerecession level, he said. The nearly 20 percent of personal income now provided by the government is close to a record high.

Might Congress extend some of those benefits? Considering who is running the House these days, I wouldn't bet on it.