Democrats may seek a $300 billion Jobs Bill in 2010 [View All]

[WI_DEM]

The cost of a new jobs bill Democrats hope to move early next year runs to nearly $300 billion when major proposals under serious consideration are added up.

Lawmakers are calling for extending aid to the unemployed, infrastructure spending, a hiring tax credit and increased small business loans.

A number of the jobs proposals backed by Democrats make up a $230 billion package proposed by Mark Zandi of Moody's Economy.com, who made a presentation to Senate Democrats Wednesday. The provisions supported by Zandi along with new spending on infrastructure, a favored approach of top House Democrats, would cost between $291 billion and $299 billion, according to estimates by lawmakers and economists.


Aides cautioned that Democratic leaders in both chambers are just beginning to consider what will go into the bill, and that estimates based on standalone bills may not mesh with the final jobs legislation.


But $300 billion would appear to represent an outlier of the cost of a new jobs bill. It would follow the $787 billion economic stimulus package approved earlier this year, which Democrats credit with saving jobs but Republicans criticize for failing to stem unemployment, which now stands at 10.2 percent

Tax credits for businesses that hire new full-time workers would cost about $27 billion under a proposal by Sen. Russ Feingold (D-Wis.) and the Economic Policy Institute, a left-leaning policy group. A new hiring tax credit has received extensive discussion and is under consideration by President Barack Obama, according to his economic team.

http://thehill.com/homenews/house/70351-dem-job-proposals-add-up-to-300b-of-extra-spending