The Senate is sending the first of several promised election-year jobs bills to President Obama for his signature.More >>
WASHINGTON (AP) -- Just a day after a jobs bill cleared Congress, President Barack Obama is expected to sign it today.
After yesterday's vote in the Senate, Obama said he hoped the bill would be the first in a series of jobs packages. It includes $18 billion in tax breaks, and extends highway and mass transit programs through the end of the year. Some $20 billion will be pumped in ahead of the spring construction season.
There are estimates the bill will create 250,000 jobs, but those are considered optimistic. And the bulk of the hiring tax breaks will probably go to companies that were likely to hire new workers anyway.
The bill is financed in part over the coming decade by cracking down on offshore tax havens.