Senators have given final passage to the Hiring Incentives to Restore Employment (HIRE) Act (H.R. 2847) by a vote of 68 to 29.
Prior to that, members adopted a motion to waive a budget point of order raised against the bill by Senator Judd Gregg (R-NH) by a vote of 63 to 34. Sixty votes were needed to waive the motion.
According to the AP, this bill “contains about $18 billion in tax breaks and a $20 billion infusion of cash into highway and transit programs.”
It would exempt businesses that hire the unemployed from paying the 6.2 percent Social Security payroll tax through December and give employers an additional $1,000 credit if new workers stay on the job a full year. Taxpayers would reimburse Social Security for the lost revenue.
It would also extend highway and mass transit programs through the end of the year and pump in $20 billion in time for the spring construction season. That money would make up for lower-than-expected gasoline tax revenues.
It would also “extend a tax break for small businesses buying new equipment and modestly expand an initiative that helps state and local governments finance infrastructure projects.”
After initial passage by the Senate last month, the bill was slightly modified by the House. Senators did not make any further changes, meaning it now goes to President Obama for his signature.
Update (3/18): President Obama has signed this bill into law.
(credit image – boyadjiansigns)
Congress in Your Pocket
When do you think the unemployment extension will be passed?? Too many people are about to run out with no jobs in sight.