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House Approves $18 Billion Job Bill, Returns It to U.S. Senate
March 4, 2010
The U.S. House approved an $18 billion measure that aims to help create jobs by offering a temporary tax break to companies that hire people who have been out of work at least 60 days.
The chamber passed the measure today 217-201 after Democrats made revisions aimed at allaying some lawmakers’ concern the bill would violate anti-deficit budget rules. The Senate, which approved the plan last month, now must vote again before the bill can go to President Barack Obama for his signature.
“Today we are taking another step in creating jobs and laying the foundation for long-term growth and prosperity,” said House Speaker Nancy Pelosi, a California Democrat, before the vote.
The plan’s centerpiece is a $13 billion proposal to offer companies a one-year holiday from paying the 6.2 percent Social Security payroll tax for each new employee who had been jobless for at least 60 days. The Congressional Budget Office has estimated that the payroll-tax break would save or create up to 234,000 jobs.
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