First Of Several Job-Creation Bills Clears Congress
WASHINGTON (Reuters) - A package of tax breaks and highway spending cleared the U.S. Congress on Wednesday, the first of what Democrats hope will be several efforts to bring down the 9.7 percent unemployment rate.
The Senate passed the $17.6 billion measure by a vote of 68 to 29 and sent it to President Barack Obama, who is expected to sign it into law.
With congressional elections looming in November, Democrats hope to show voters that they are committed to bringing down an unemployment rate that has remained stubbornly high even as the economy has begun to recover from the worst recession in 70 years.
None of their efforts is likely to approach the scale of last year's $863 billion stimulus package, which has created up to 2.1 million jobs but spurred a backlash among voters concerned about record budget deficits.
The bill sent to Obama includes a $13 billion payroll tax break for businesses that hire unemployed workers, along with subsidies for state and local construction bonds.
It also extends a highway-construction fund through the end of the year and gives a tax break to small businesses that buy new equipment.
The bill's costs, other than the highway fund, are offset by a crackdown on offshore tax shelters.
Story Copyright 2010, Reuters
Photo Copyright 2010, Getty Images
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The White House said on Tuesday there was a worry that an extension of lower tax rates for the wealthy would be a "foot in the door" to permanent extension.
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