The Senate voted overwhelmingly Thursday to pass two modest pieces of President Obama’s jobs bill.
The final vote was 95-0 with one senator voting “present.” The legislation, which is expected to pass in the House, will provide tax credits to businesses who hire unemployed veterans, and, separately, will eliminate a requirement that the IRS withhold three percent of government contracts, to assure compliance with the tax code. That requirement isn’t currently in effect, but is scheduled to be implemented January 1, 2012.
The measures are expected to pass the House. Though neither measure is likely to reduce unemployment in a significant way, these will be the first provision of President Obama’s jobs bill to become law — a fact Republicans are citing as evidence that they’re willing to compromise with Democrats to grow the economy.
Republicans have blocked two other, more robust provisions of the American Jobs Act — as well as the entire bill. Those measures were all paid for by imposing small surtaxes on millionaires. Thursday’s legislation is paid for by delaying scheduled fee reductions on mortgage loans guaranteed by the Department of Veterans Affairs. The lack of a tax is a key reason Republicans allowed it to pass.
