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It appears Senate Democrats have wised-up and adjusted their expectations to the reality of Senate, where the "Party of No," the Republicans, wields nearly equal power.
U.S. Senate Majority Leader Harry Reid (D.-Nevada) dispensed with elaborate jobs bill negotiations and trimmed the jobs package to four items for which he knows he can get at least a filibuster-preventing 60 votes: a hiring tax break, an increase in highway spending, an extension of the Build America Bonds program, and tax breaks for small businesses, Bloomberg News reported Friday.
Tax relief and other initiatives favored by Senate Republicans were eliminated, and it doesn't appear they'll find their way back into the bill. The revised plan will cost about $15 billion.
Political/Economic Analysis: The Republicans, obviously, are upset at Sen. Reid for the strategy shift, but given Senate Republicans' previous stance, it's the best tack to take: go with what is achievable, then move on to the next task.
Spending days, weeks and months waiting for Republican commitment on things in which there's a 1% chance they'll agree to it is a waste of time and political capital, and most importantly, it delays the deployment of solutions for the nation's employment woes.
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Financial Editor Joseph Lazzaro is writing a book on the U.S. presidency and the U.S. economy.
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Reader Comments (Page 1 of 1)
2-13-2010 @ 10:29AM
caveatemptor said...
If Mr. Lazzaro (or anyone else) thinks that "solutions for the nation's employement woes" are going to come from the Federal Government, then that belief is testament to a mindboggling naivete. If our government actually wanted to immediately help create jobs (in the private sector) and jumpstart the economy then it could legislate an immediate, temporary freeze on Federal payroll tax withholding. Not only would employees have an immediate rebate to stimulate the economy but employers would also have a rebate with which to purchase new equipment or other capital improvements. Of course, the government would never do this because it cannot afford to let the common worker understand just how much money it is taking out of his/her paycheck. Mr. Lazzaro is obviously a shill and should not be taken seriously.