Senators have given final passage to the Hiring Incentives to Restore Employment (HIRE) Act (H.R. 2847) by a vote of 70 to 28. In short, this is Majority Leader Harry Reids (D-NV) jobs package.
Prior to final passage, the Senate agreed to waive any applicable budget points of order against the legislation (including a violation of PAYGO rules) by a vote of 62 to 34. Sixty votes were needed on the motion to waive.
A note from Minority Leader Mitch McConnells (R-KY) office states that the jobs bill would increase the on-budget deficit for the sum of the years 2010 to 2014. Budget Committee Ranking Member Judd Gregg (R-NH) raised this violation. Democrats argue that the bill is paid for, but just not in that immediate time-frame.
Here are some key aspects of the legislation, per the AP:
Hiring tax incentives Exempts employers from paying the 6.2 percent Social Security payroll tax this year on newly hired workers that have been unemployed for 60 days or more. Provides additional $1,000 tax credit for workers retained for at least a year. Cost: $13 billion.
Highway programs Reauthorizes through the end of 2010 the highway trust fund to use gasoline taxes to help state and local governments pay for highway and transit projects. Deposits an additional $20 billion into the trust fund.
Equipment write-offs Permits businesses to write off equipment purchases as a business expense rather than depreciating them over time. Cost: $35 million.
Build America Bonds Expands the Build America Bonds program to subsidize the interest costs of bonds for include certain school and energy projects. Cost: $2.3 billion.
–Glamwire’s Glampolitics Political wiire is on its way. And we will now be offering some tidbits from it.
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