InfoAnda - Senate Ponders New Jobs Creation Bill

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Home U.S. World Entertainment Sports Business Health Science Technology Politics Offbeat Environment Travel News Articles Senate Ponders New Jobs Creation Bill Email Facebook Digg Twitter Buzz Up! ShareThis February 12, 2010 6:27 p.m. EST Topics: government, politics, economic policy, economy, business and finance, economy, national government, United States Tom Ramstack - AHN Correspondent Washington, D.C., United States (AHN) - Senate economic leaders spent Friday promoting different versions of multi-billion dollar jobs legislation that President Obama says is critical to stimulating the nation's economy. The two leading bills use tax incentives for employers to hire new workers. The Obama administration initially favored a bill estimated to cost taxpayers $85 billion. However, White House spokesman Robert Gibbs said Friday that the less costly bill introduced a day earlier by Senate Majority Leader Harry Reid is likely to win the bipartisan support it needs for congressional approval. The Senate tentatively plans to vote on the bill by the week of Feb. 22. The House approved a $154 billion jobs creation bill in December but the Senate has not acted on it. White House officials say any congressional legislation on jobs is only one portion of their plan for reducing unemployment, which stands at 9.7 percent. "I don't think there will just be one vehicle that moves and I don't think there is only one chance at getting bipartisanship," Gibbs said during a press briefing. Other measures include building a network of high-speed trains that could revitalize the American manufacturing industry. Reid's bill would use revenue from a crackdown on offshore tax evasion to pay the estimated $15 billion cost of the job creation incentives. The proposal would get other revenue from delaying a rule that helps multinational corporations lower their tax bills through a new method of allocating interest on debt. Other tax credits and write-offs in Reid's bill would encourage construction of new schools as well as reward employers for hiring new workers and purchasing equipment. The bill also would extend highway funding. Democratic leaders are giving the bill mixed reactions. Some said it is too timid with its incentives for jobs creation while others say it is adequately conservative to win votes from Republicans. Reid so far has tried to block amendments to his bill, which prompted Sen. Blanche Lincoln (D-Ark.) to urge more cooperation in seeking bipartisan support. "Most Americans don't honestly believe that a single political party has all the good ideas," Lincoln said in a statement Friday. "We're not going to accomplish anything until we start governing from the center." A second bill introduced earlier by Sens. Max Baucus (D.-Mont.) and Charles Grassley (R.-Iowa) includes many of the same tax provisions as Reid's bill. It would go a step further by blocking a biofuels tax credit for paper manufacturers and delay rules on funding pensions. The second bill is estimated to cost $85 billion over 10 years. Concern about the costs of the bills rose Friday when Obama signed legislation that increases the government's allowable debt limit. The new limit is $14.3 trillion compared with $12.4 trillion under the old limit. Opponents say the law will make the United States a nation of debtors to China and other foreign creditors, forcing future generations to pay for short-term economic security. The Obama administration says debt financing for its economic stimulus proposals is the only way to prevent another Great Depression. The current national debt is $12.3 trillion, or $113,000 per taxpayer. The law also prohibits legislation involving tax revenue from increasing the federal deficit. Any new spending or tax cuts would need to be fully restored to the economy through new taxes or spending cuts. Copyright © 2003 - 2010 AHN - All rights reserved.Redistribution, republication. syndication, rewriting or broadcast is prohibited without the prior written consent of AHN.License AHN news for your website, business, digital signage network or publication. Most Popular Stories Ralph Lauren Reveals Official Opening Ceremony Uniform For 2010 U.S. Olympic Collection U.S. Skier Cook Crashes, Released From Medical Clinic Teutul Family Ending "American Chopper," Settling Legal Matters Lady Gaga's New Mystery Man And Baby Identified Playboy Names Beyonce, Megan Fox, Angelina Jolie As Sexiest Celebrities Shooting At University Of Alabama Huntsville Leaves 3 Dead, Female Suspect In Custody D.C. 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