By Jillian Farrel -- February 10, 2010
A new job bill proposal speaks to public anxiety about the economy, but the Senate Democrats haven't developed any new ideas. The 362-page measure is still in motion and hasn't been released.
The plan includes a $10 billion plan to excuse companies from paying their share of Social Security payroll taxes for new hires who had been unemployed for at least 60 days this year.
The rest of the bill includes restoring business tax breaks, an extension of unemployment benefits and health insurance subsidies, and a respite from a cut in Medicare payments for doctors.
This measure dismisses some of President Obama's ideas, such as the per-job tax credit, a $250 payment to Social Security payments, and $25 billion to help cash-tapped states.
The $10 billion plan could create 50,000 to 90,000 jobs through September, according to the bill report.
The tax breaks expired in 2009, where the House voted to extend them in December; however, the health care debate took precedence. The proposal is the rest of last year's unfinished business.
The Senate Majority Leader, Harry Reid, expects to pass the bill later this week.
The overall measure would cost $80 billion, said Minority Leader Mitch McConnell. Many elements of the proposal would be funded by a variety of arrangements closing tax loopholes, such as one enjoyed by paper companies that get a credit from burning a pulpmaking product as it were an alternative fuel.
