More on jobs bill

http://money.cnn.com/2010/02/22/news/economy/jobs_bill_senate/index.htm

By Tami Luhby, senior writerFebruary 22, 2010: 7:21 PM ET


NEW YORK (CNNMoney.com) -- The Senate voted Tuesday [obvious typo. Today is Monday] to push forward a $15 billion jobs creation bill that would give businesses a tax break for hiring the unemployed.

Five Republicans -- including newly elected Sen. Scott Brown, R-Mass. -- reached across the aisle to approve the procedural measure, which passed by a 62-30 vote. One Democrat did not support it. A final vote on the bill should take place in a few days.

The 4-prong bill would:

*Exempt employers from Social Security payroll taxes on new hires who were unemployed;

*Fund highway and transit programs through 2010;

*Extend a tax break for business that spend money on capital investments like equipment purchases;

*Expand the use of the Build America Bonds program, which helps states and municipalities fund capital construction projects.

The legislation is a scaled-down version of an $85 billion bipartisan draft bill that was crafted by Senators Chuck Schumer, D-N.Y., and Orrin Hatch, R-Utah.

However, the bill does not extend the deadline to apply for unemployment benefits and the COBRA health insurance subsidy. Some 1.2 million people will run out of benefits after Feb. 28 if the deadline is not extended. Lawmakers are looking to pass a separate, 15-day extension to give them time to enact a longer fix.

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In addition to Brown, the Republican senators backing the measure were Kit Bond of Missouri, Susan Collins and Olympia Snowe of Maine, and George Voinovich of Ohio. Democrat Bill Nelson of Florida voted against it.