Bipartisan Senate Jobs Bill Reiterates 3-Month Jobless Benefits Extension
The latest draft — but perhaps not the final version — of a Senate jobs bill was released this morning by Sens. Max Baucus (D-Mont.) and Charles Grassley (R-Iowa), the leaders of the Finance Committee, who are hoping to tackle the nation’s 9.7 percent unemployment rate.
Wish them luck.
Not only are business leaders already doubting the effectiveness of the business tax cuts at the center of the bill, but the proposal is also loaded up with unrelated goodies that have little or nothing to do with job creation. For example: a seven-month Band-aid preventing Medicare doctors from getting smacked with a 21-percent pay cut at the end of this month.
By contrast, the extensions of both unemployment and COBRA benefits would run only three months (though May) under the Finance bill.
There’s time for tweaks. With the recent snow in Washington — combined with next week’s Presidents Day recess — the Senate isn’t expected to vote on anything until the week of Feb. 22.