New article on the jobs bill from the WSJ (no mention of a transaction tax)
WASHINGTON -- Congressional Democrats are moving ahead with a roughly $170 billion package to spur jobs growth and boost emergency assistance to the unemployed, Democratic congressional aides say.
The two separate bills are taking shape amid an improving jobs picture, but with unemployment still at 10%. President Barack Obama will deliver a speech Tuesday at the Brookings Institution where he intends to lay out his own ideas for a narrowly targeted jobs bill, which will overlap with Congress's intentions but won't be identical.
Both the administration and Congress will almost certainly pay for part of their program with some of the $115 billion that bailed out banks have repaid to the Treasury Department.
The legislation will likely be split in two. The first part, at around $110 billion, would be considered emergency spending. It would again extend unemployment insurance, food stamp increases and a provision in the stimulus bill that subsidizes private-health insurance for the unemployed. This portion will likely be attached to a giant spending bill this month to fund the federal government, and will be added to the already huge U.S. budget deficit.
A second "jobs" bill would cost up to $70 billion, funded by the bank bailout. It would include more money for highway and bridge building, school construction and repair, and water and sewer projects. A second component would be direct aid to state governments cutting back services and raising taxes, moves that are hurting the economic recovery.
Finally, some repaid bailout funds will be lent back to small businesses directly from the Treasury.
http://online.wsj.com/article/SB125995007304477059.html
