Last month, Congress broke for recess without addressing jobless benefits and the FMAP extension for states. If you don't know what FMAP means, you're probably not alone, but chances are the strength of your state and local economy will depend on its passage.

FMAP stands for the Federal Medical Assistance Program. But like many acronyms in Washington, FMAP isn't really about medical assistance or the federal government. It's about state and local economies. To you and me, it's about the more than 300,000 jobs that would be lost - not to mention countless programs and benefits - if states don't receive these critical funds. (The number climbs to a staggering 900,000 jobs when you factor in the loss of other federal assistance measures.)

So, with that in mind, who's actually lobbying against this measure? Surprise, surprise. It's hedge fund managers - the same firms who wrecked the global economy in 2008. That's because the bills in Congress would close their secret tax loopholes, forcing them to pay their share of the economic recovery.

Faced with the largest decrease in tax revenue since the Great Depression, states have already suffered through painful cuts to close the gap. Reports NPR.org, "In the fiscal year now coming to a close, states have closed budget shortfalls that total $200 billion, or 30 percent of state budgets." In fact, states spent $78 billion less last year than they did in 2008. What's worse is that most states included FMAP funds in the upcoming fiscal year's budgets. If Congress fails to deliver, the cuts would be immediate and the results disastrous.

While states have already cut services and programs, the demands keep growing (e.g. more residents accessing unemployment benefits, more people on Medicaid roles). After this latest episode of inaction in Congress, we're now standing on the brink. For example:

• 25,000 people in Pennsylvania could lose their jobs, including emergency workers and teachers. State parks might have to shut down.
• In Maine, 7,000 people without jobs will lose their unemployment insurance this week. 23,000 more will lose this lifeline in November if Congress fails to act.
• In Virginia, according to the Washington Post, the cuts could mean thousands fewer children receive health coverage under a state program. And senior citizens in the Commonwealth could lose their personal care assistants, resulting in higher long term care costs further down the road.
• A blogger in Washington state said that without FMAP, "the state would have the rough equivalent of pocket change to carry over into the next biennium. "

Last week, local religious leaders and city workers in Los Angeles held a prayer vigil at City Hall, as city officials met inside to discuss more cuts to public services.

"How are we ever going to do public service with these cuts?" said SEIU 721 President Bob Schoonover, who joined in the vigil. "Public safety will be severely impacted. How does a police officer respond if he doesn't have a car? What happens when a fire truck is broken down?" Unfortunately, these city and town meetings are happening across the country. And cuts to valued public services will only deepen if Congress doesn't act.

Our states can't sustain these critical programs on pocket change. This is a battle royale between Wall Street vs. Main Street, and right now, it's unclear who'll prevail. With hundreds of thousands of jobs on the line, it's time to ask Congress who they're working for - Main Street or Wall Street. Contact your Senator and ask for an FMAP extension in the bill Senate Majority Leader Harry Reid (D-Nev.) will bring to the floor early next week.