The House narrowly passed a jobs bill aimed at reducing unemployment, but the legislations prospects are uncertain in the Senate.
The bill, known as the Jobs for Main Street Act, includes an expansion of the Child Tax Credit. The bill would provide $2.3 billion to increase eligibility for the refundable portion of the child tax credit by removing the $3,000 floor for 2010. That would cut taxes for the families of 16 million children, by making the Child Tax Credit available to all low-income working families with children in 2010.
Other provisions would provide $23 billion to save an estimated 250,000 education jobs over the next two years; $41 billion to extend for six months expanded unemployment benefits, including increased payouts and longer duration of benefits; and $12.3 billion to extend from nine to 15 months the 65 percent COBRA premium support for individuals who have lost their jobs.
The legislation uses existing available funds from the Troubled Asset Relief Program to pay for targeted investments in infrastructure and emergency aid to state and local governments to hire teachers, police officers and other vital personnel.
While we may have stemmed the tide of steep job losses and the Recovery Act is making an undeniable impact, millions of Americans are still looking for a job, said House Education and Labor Committee chairman George Miller D-Calif., in a statement. The Jobs for Main Street Act is the right thing to do to continue rebuilding our economy and the just thing to do for the millions of families who urgently need work.
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