The Associated Press is reporting Senate has greenlit the job’s bill for President Obama to sign. The vote was 68-29 which gives tax breaks to companies who hire unemployed Americans.
“It is the first of what I hope will be a series of jobs packages that help to continue to put people back to work,” Obama said after the vote. The bill includes $18B in tax breaks and $20B cash to place into highway and transit programs.Among other things, it exempts businesses that hire the unemployed from paying the 6.2 percent Social Security payroll tax through December and gives employers an additional $1,000 credit if new workers stay on the job a full year. Taxpayers will have to reimburse Social Security for the lost revenue. According to some in the Senate, this is the first of many things they will approve to boost the economy and put Americans back to work.