In a 68 to 29 vote, the Senate has again passed the $18 billion jobs bill, after being slightly modified by the House earlier this month. The bill, which now is only awaiting the President’s signature before it is signed into law, will include tax incentives for businesses to hire new employees, which Democrats hope will encourage the creation of hundreds of thousands of new jobs.

Tax Breaks and Infrastructure

The major legislation being passed with this bill is the program which provides companies a break on their Social Security taxes for 2010 for any new worker they hire who has been unemployed for at least 60 days. If the worker stays on for more than a year, the employer could also qualify for a $1,000 tax credit. Another tax break allows companies to write off equipment purchases.

Also attached to the bill is a provision to transfer $20 billion into the highway trust fund, and takes other measures to promote public works projects, which will aim to build US infrastructure as well as create jobs. The bill includes an extension of the Build America Bonds program, which aids state and local governments in securing infrastructure financing.

Political Implications

This is an important bill for Democrats, who need to demonstrate to voters that they are making some progress on the important issue of unemployment, before the mid term elections this year. While 11 Republicans ultimately voted for the bill, the majority of the party were skeptical about the success the bill will have in creating jobs, and about the price tag of the bill.

“This isn’t so much a jobs bill as it is a debt bill,” Sen. Judd Gregg (R-N.H.) was quoted as saying after the bill was passed.

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  • Barer of Bad News

    Barclay Bank has in the past 3 years 1530 complaints against the company, Now,do you really want to do business with this crack pot of a company?

  • ahmad

    I agree with your comments. You have seen nothing yet. We in Dubai have faced ruins because of unethical staff especially heads of legal and head of compliance. Immagine how these two members of what is supposed to be a reputable bank, have been behaving so unethically by abusing their positions and hiding the truth so that they cover up for their shortcomings. If you examine their background you will simply find that their past record is questionable.