Congress Continues to Focus on a "Jobs" Bill

As the White House holds their jobs summit, House and Senate Democrats have begun the process of drafting legislation to address the dire unemployment situation facing the country.  The timing on when such a bill would pass is not clear.  The Senate will likely take up a "jobs" bill in January, while the House's intent is to pass a jobs package by the end of the year, though Democratic leaders have acknowledged the short congressional schedule may mean waiting until early next year. AGC has been working closely with leadership in the House and Senate to ensure that any "jobs" bill includes a significant increase in infrastructure spending and that the spending must be targeted to existing programs that can have an immediate impact in providing the construction industry with a much needed shot in the arm.  At various high level meetings, AGC has encouraged House and Senate leaders to build on the successes of the stimulus and include a significant increase in funding for transportation and water infrastructure programs. In addition to infrastructure spending, Congress is considering extending unemployment insurance, renewing a program that offers the unemployed a 65 percent subsidy for health insurance premiums under COBRA, providing tax credits to employers who hire new employees, and increasing the amount of loans offered through the Small Business Administration. As this process evolves, how these investments and policies are paid for will need to be addressed.  House and Senate Democrats have advocated for the use of the uncommitted or repaid money (about $210 billion) from the Troubled Assets Relief Program (TARP).  Republicans oppose using TARP funds to pay for a "jobs' bill, and instead favor using unspent stimulus funds. For more information, contact Sean O'Neill at (202) 547-8892 or oneills@agc.org.