US Senate Passes USD 15 Billion Jobs Bill

US Senate Passes USD 15 Billion Jobs Bill
The US Senate today passed the USD 15 billion bill, which is aimed at boosting up the job market and reduce the high unemployment rate which is at staggering 9.7 per cent.

The jobs bill was passed by the Senate by 70 to 28 votes; giving the much needed legislative victory to the Democrats as more than a dozen Republicans came forward to vote in support of it; which has a range of tax credits and highway funds aimed at creating jobs.

According to the bill, employers wouldn't have to pay their share of federal payroll taxes for any new workers that have been unemployed for at least 60 days for the rest of 2010.

If that worker is still on the books in a year, the business owner would receive an additional USD 1,000 tax credit.

Other measures in the bill are aimed at improving access to capital for small businesses, an extension of the current federal subsidy for road and bridge repairs carried out by states, and a modest expansion of federally subsidised bonds to help local governments raise funds for infrastructure projects; The Wall Street Journal said.
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