Reid overrules Baucus, narrows jobs bill focus

[WI_DEM]

Senate Majority Leader Harry Reid (D-Nev.) is rewriting a jobs bill after Democrats complained of too many concessions to Republicans.

Reid announced Thursday that he would cut back on the jobs bill Senate Finance Committee Chairman Max Baucus (D-Mont.) introduced only hours earlier, essentially overruling the powerful chairman.



“We’re going to move this afternoon to a smaller package than talked about in the press,” Reid said.

The bill now include four components: tax credits for employers who hire new workers; a provision allowing businesses to write off the cost of capital investments; Build America Bonds, which allow state and local governments to lower their borrowing costs; and a one-year extension of funding for transportation programs in the Surface Transportation Act.



Reid said he made the decision to rewrite the bill before meeting with skeptical Democratic colleagues on Thursday afternoon.

Democrats complained the bill did not focus enough on job creation.

http://thehill.com/homenews/senate/80787-reid-overrules-baucus-chops-jobs-bill

[dgibby]

1. Wonder if the Patriot Act reauthorization is still included. n/t

[Donnachaidh]

2. he can do this on this bill -- WTF didn't he do that on HCR?

Selective leadership, huh? :sarcasm:

[LiberalFighter]

3. Remove Baucus from his chairmanship.

[butterfly77]

11. Exactly! I am so sick of him..

just like LIEberman,Evan Bayh,Stupak,Nelson,Nelson,Landrieu,Lincoln and all the rest of the damn Bluedogs/RepubliCONS..

There are probably some more who are waiting for the appropriate time to jump out with some more of their bullshit!!!

[midnight]

4. I'm not sure how these measures will create

the boom of jobs needed to keep people from the streets....

[quiet.american]

5. Well, one item is a $5,000 tax credit to small biz for every new employee hired.

That seems like it could be a strong incentive; the credit can also be taken quarterly, the businesses would not have to wait until the end of the year.

[Winterblues]

7. Yes if taxes are a big factor in your business, however in many, taxes are a very small concern.

My business pays very little in taxes because I don't make that much Profit. Almost everything I make goes to employees as it is. Workman's Comp takes a huge Bite though. If they could do something about that it would really help.. Like for Instance Health Care Reform.....

[quiet.american]

9. Ah -- interesting. nt

[postulater]

12. "Like for Instance Health Care Reform....."

Not only would health care reform help with reducing work comp and health premiums but it would make working at a small business more attractive. Many people will not consider working at a small business if it does not provide "good insurance." That's another way corporations protect their interests.

[postulater]

6. A better jobs stimulus would be

a cap on executive salaries at a multiple of the average worker's salary plus a stock distribution for every year an employee has been with the company.

Then a penalty for shipping jobs overseas.

Then an ownership piece in the company in exchange for all tax incentives reveived from state and local governments.

I don't think money going to small business owners for hiring is going to work. Why should we trust that the economy is going to be any better in six months? Just have to lay the new hires off then. I think most small business owners will be waiting until there is a significant recovery to hire again.

[PHIMG]

8. I think CEO pay should be capped at 250k

and anything above that should be in stock options that take 20 years to vest to ensure that the CEO worries about the long term and cant just PUMP and DUMP the stock (by laying off a whole bunch of employes, outsourcing, etc) to make a quick buck.

CEOs should be paid for long term results not quarterly results.

[ddeclue]

10. When can we fire Baucus so he can experience unemployment first hand?