Jobs Bill Passes Senate (Again)
The Senate passed a revised version (to match the House’s bill) of the jobs bill they already passed once.
Two things stand out. One, as every report tells you right up front, this was a bipartisan vote. It passed with 68 votes to 29, 11 Republicans for it and one Democrat against. That is, as BarbinMD notes, fewer Republicans than voted for “corporate sponsorship of rape.”
(Remember this one?)
Two, this is a really small bill. It’s a start, don’t get me wrong. And it’s good to see any kind of action on jobs. But…it’s a small fraction of what’s needed.
The centerpiece of the bill is a new program giving companies a break from paying Social Security taxes for the remainder of 2010 on any new workers they hire who had been unemployed for at least 60 days. Employers would also get a $1,000 tax credit for each of those workers who stays on the payroll for at least one year.
Aside from that program, the measure includes a one-year extension of the law governing federal transportation funding, and would transfer $20 billion into the highway trust fund. The bill also extends a tax break allowing companies to write off equipment purchases, and expands the Build America Bonds program, which helps state and local governments secure financing for infrastructure projects.
We should feel good about it, but not even think about letting up on the pressure we’re putting on Congress to do more.
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