Senate passes $15B jobs bill

A determined group of the GOP reached over and voted for the Senate’s $15 billion jobs bill, which was directed by Senate Majority Leader Harry Reid (D-Nev.). Many consider it a much-needed and long-anticipated victory for the blue party.

“We need to do more and we understand it,” said Reid following the 70-28 vote in favor of the legislature. “Today’s progress is a small step forward, but an important step forward.”

Reid has promised that the $15 billion jobs bill is the first of a multistep recovery process that will include more economic restoration efforts in the near future. The bill includes a $20 billion Highway Trust Fund fix and $2 billion in Build America Bonds. It also includes a $13 billion tax credit for employers who hire new workers and greater flexibility of companies to write off capital expenditures like equipment.

Congress now must decide what to do next. There is a $154 billion House jobs bill on the table. Democratic leaders there must decide whether to pass the Senate version or go to conference to work out the differences.