The Senate passed the first in a series of jobs bills Wednesday, marking the first major economic policy victory of the year for the Obama administration.
The $17.6 billion legislation passed 68-29, moving it to President's Barack Obama's desk for his signature. The bill includes a payroll tax break for small businesses and highway funding designed to spur job growth.
Senate Democrats hoped to quickly pass the legislation, but spent several weeks fending off attacks from across the political spectrum. Liberal House Democrats and the Congressional Black Caucus argued that the package was too small to spur new job growth in the hardest hit areas. And conservative Blue Dog Democrats pushed Democratic leaders to offset the cost of the legislation.
Senate Majority Leader Harry Reid (D-Nev.) had scaled back the package from a $150 billion bill to move it more quickly and attract more bipartisan backing. Still, Senate Republicans slowed the process this week when they objected to an expedited vote.
The bill includes a bipartisan proposal sponsored by Sens. Chuck Schumer (D-N.Y.) and Orrin Hatch (R-Utah) that would exempt from payroll taxes companies that hire out-of-work employees through the end of the year. Businesses that hire new employees would also get a $1,000 tax credit if they keep the workers for at least a year.
Last week, Senate Democrats passed a separate $150 billion package of business tax breaks and expansion of unemployment and other benefits for laid off workers. That measure, now under review in the House, remains weeks away from final consideration.
Democrats are now expected to take up legislation focused on providing help to struggling small businesses.
Read more: http://www.politico.com/news/stories/0310/34563.html#ixzz0iS6Ndlxu
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