Senate expected to clear way for Obama jobs bill
WASHINGTON (AP) — Companies that hire unemployed workers get a temporary payroll tax holiday under a bill headed for likely Senate passage today.
A positive vote would send the legislation to the White House for President Barack Obama's signature.
It would be the first of several election-year jobs bills promised by Democrats to be enacted into law, though there's plenty of skepticism that the measure will do much to boost hiring.
The 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.