Congress rends jobs bill to bits
Reid does hack job on bill
By all accounts, the jobs bill was on the path to victory. Senate Majority Leader Harry Reid announced that he was going to cut the bill from $ 85 billion to $ 15 billion, cutting it to about an eighth its former size.
How did he do this? Fox News also reports that he cut “key priorities of both Republicans and Democrats.” Why did Reid sabotage the bill? Well, there’s no official word from Reid on that, but there are plenty of others out there willing to offer up their theories. If you asked Reid, I’m sure he’d say it was to save money.
What will the jobs bill do?
The slimmer version of the jobs bill does not ease the process for businesses to borrow money, though it grants tax incentives for employers that hire new people. Fox News says:
The $ 15 billion bill includes a $ 13 billion payroll tax break for employers who hire new workers; $ 35 million for small business depreciation; $ 2 billion for “Build America Bonds” for infrastructure; and a one-year extension of the highway bill.
Reid excised many extensions, such as research and development spending, and provisions that would decreased estate taxes. The estate tax extender had a lot of Republican support.
Why did Reid hack the jobs bill?
Fox News reports that Reid gutted the bill due to “criticism that the Democratic-sponsored jobs bill would not primarily create new jobs.” Christian Science Monitor says:
Senator Reid appears to be making a political calculation that the GOP will have a difficult time voting against his own, stripped-down version of jobs legislation. That’s because Reid has left the bill’s central job creation provisions intact, while jettisoning tax breaks and other provisions intended to win Republican support.
Reid only offered the following tidbit to explain the actions he took: “We are going to move a smaller package than talked about in the press. Republicans are going to have to make a choice. We have a bipartisan bill that will create jobs, according to the CBO, immediately.” He added “I don’t know in logic what they could say to oppose this.” I guess we’ll find out!