–Senate Majority Leader Says Senate Will Debate Bill Monday
–Senate Not Expected To Invoke Cloture On Outsourcing Bill
–Bill Gives Firms Two Year Social Security Tax Cut For U.S. Hiring
By John Shaw
WASHINGTON (MNI) – Senate Majority Leader Harry Reid said Monday
the Senate will debate so-called outsourcing legislation today and then
will hold a procedural vote on ending debate on the bill Tuesday.
The Senate’s Tuesday vote is set for 11:30 a.m.
In remarks on the Senate floor, Reid said the outsourcing bill is
companion legislation to a small business bill that President Obama
signed into law Monday. That bill includes a $30 billion small business
lending fund and $12 billion in tax breaks for small businesses.
The new bill that Democratic leaders are pushing offers businesses
a two year reduction in their share of Social Security payroll taxes for
new employees hired to replace workers performing similar duties
overseas. It would also revoke what Democrats say are tax benefits that
encourage the movement of jobs overseas.
Sen. Chuck Schumer, a supporter of the bill, says the legislation
“takes a carrot and stick approach to the problem of outsourcing.”
The Congressional Budget Office has said the bill would cost $720
million over a decade.
Republicans have cited the bill’s costs, blasted it is bad tax
policy, and derided it as a thinly disguised attempt by Senate Democrats
to shift attention away from their failure to pass a much larger package
of middle class tax cuts before the elections.
Senate Republicans are expected to block the bill Tuesday. Once
this occurs, one of the few remaining items on the Senate agenda is
passing a stop-gap spending bill to fund the federal government until
after the elections.
** Market News International Washington Bureau: (202) 371-2121 **
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