There's good news and bad news regarding the new $15 billion jobs bill just passed by the U.S. House, 217-201.

The good news is, as a result of the Senate's passage of the bill earlier, and only minor alterations, the Senate should make speedy work of approving those revisions, before the bill is sent to President Barack Obama.

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.

What might get the Republicans to bite on the jobs bill currently under formulation on Capitol Hill? A lack of an estate tax.

The bipartisan Senate bill that may come for a vote this week is not likely to include an extension of the estate tax, which expired at the end of 2009, Reuters reported Tuesday (however, Washington's likely, second heavy storm/blizzard in a week, expected to arrive Tuesday night, may delay the vote: most federal offices were closed again Tuesday for snow clean-up).

What are the chances of a jobs bill emanating from the U.S. Congress in the immediate future? As of now, put it at 60/40 in favor.

Two factors that will help determine the jobs bill's fate: 1) health care reform legislation and 2) net monthly job losses/creation.

Assuming a December passage of health care reform legislation (signing it on the one-year anniversary of President Obama's inauguration has a nice ring to it), and continued, monthly job losses through March (which is likely), that will give Congress the legislative time and also underscore the necessity of an infrastructure-based jobs bill.