–Senate Majority Leader: Plan Is Critical Part of Jobs Agenda
–Sen. Reid: Plan Would Create ‘Hundreds of Thousands’ of Jobs
–Sen. McConnell: GOP Seeks ‘Totally Different Approach’

By John Shaw

WASHINGTON (MNI) – Senate Majority Leader Harry Reid said Wednesday
that the Senate will hold a key procedural vote Thursday on a $50
billion infrastructure spending bill.

Reid, in remarks on the Senate floor, said the plan would lead to
“hundreds of thousands” of construction jobs if enacted.

Reid said the plan also includes injecting $10 billion in an
infrastructure bank.

The entire package, Reid said, would be paid for by a 0.7% surtax
on millionaires.

Reid said the infrastructure package would provide a needed boost
to a struggling recovery.

Reid scorched Republicans for opposing even a modest tax hike on
“millionaires and billionaires.” He said Republican lawmakers are
“terrified” of anti-tax groups within the GOP.

“They are in submission,” Reid said.

The Senate vote Thursday will be on a motion to formally take up
the bill and it will require 60 votes to pass. This is very unlikely to
occur.

Reid’s bill is the second Democratic attempt to break up President
Obama’s $447 billion jobs program into smaller parts.

Speaking after Reid, Senate Minority Leader Mitch McConnell
hammered Obama and congressional Democrats for “making a bad situation
worse” with their economic policies in 2009 and 2010.

McConnell said Republicans believe the nation should take a
“totally different approach” to boosting the economy, adding that tax
increases should be avoided.

Several weeks ago, McConnell pushed a piece of Obama’s jobs plan
that would repeal a requirement that federal, state, and local
governments begin withholding 3% of certain contract payments.

McConnell said the plan would cost $11 billion and would be paid
for by rescinding discretionary funds–a funding source opposed by
Senate Democrats.

McConnell’s bill secured 57 votes but 60 were needed.

** Market News International Washington Bureau: (202) 371-2121 **

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