Senate shifts focus to jobs creation
TEXT OF INTERVIEW
Steve Chiotakis: The big focus this week in Washington is on job creation. The Senate will take up a bill designed to encourage employers to hire new workers. Marketplace’s John Dimsdale is with us live with the latest from our Washington bureau. Good morning, John.
John Dimsdale: Good morning, Steve.
Chiotakis: What’s going to be in this job bill in the Senate?
Dimsdale: Haven’t seen the exact details, but there’s a meeting at the White House tomorrow between President Obama and Democrats and Republicans from the Senate to find some common ground.
They’re talking about tax breaks for small businesses that hire — somewhere around $5,000 per new worker, plus a reimbursement for the Social Security taxes that are paid by small businesses for the new employees. This bill is also likely to have an extension of unemployment benefits for the out-of-work folks who’s payments have run out, and it could divert bank bailout money into smaller community banks, community lenders to get some credit flowing to small businesses.
Chiotakis: Now John, this proposal reaches the Senate just as Democrats have lost a little political clout there, right?
Dimsdale: You’re right. The new senator from Massachusetts, Republican Scott Brown, was sworn in late last week, and he’s the 41st Republican vote, which means Democrats will have to attract at least a vote or two from the GOP to pass this jobs bill. That’s why there’s a stress on tax breaks for businesses as opposed to another government stimulus program to spend more money on infrastructure programs as was done last year.
Chiotakis: Marketplace’s John Dimsdale reporting from our Washington Bureau. John, thanks.
Dimsdale: You’re welcome.
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