|October 14, 2011|
Previously published on October 12, 2011
Last evening, the Senate held a procedural vote on President Obama’s jobs plan. With a vote of 50-48, the motion to limit debate on “The American Jobs Act of 2011” (S 1660) was defeated. Seen as a test vote, the results of the Senate cloture vote could indicate that the President’s jobs package will have difficulty passing.
President Obama introduced his $447 billion plan for tax cuts and new spending last month. However, “The American Jobs Act of 2011” has been questioned by both Republicans and Democrats. Senate Democrats have modified the bill by offsetting the cost of jobs programs with a 5.6% surtax on household income over $1 million. When initially introduced, the cost of jobs programs was covered through tax increases on couples making more than $250,000. Across the aisle, Senate Republicans have characterized “The American Jobs Act of 2011” as another stimulus. Senate Republicans are also considering a substitute amendment similar to a plan introduced by Sen. Rob Portman of Ohio, which included structural changes in regulation, spending, and energy policy.
For additional information, please refer to our original memo on “The American Jobs Act of 2011” that outlined the President’s plan.