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Senate Moves $15 Billion Job Package a Step Closer to Approval

The Senate moved a $15 billion dollar job package a step toward approval Monday with a vote of 62-30. The final vote on the jobs proposal is expected to pass in a few days' time. The package entails tax breaks for businesses who hire the unemployed and largely supports of President Barak Obama's top "job creation goal."

The job package entails relief for a troubled economy as well as the unemployed. The package targets companies who hire unemployed workers from the 6.2% Social Security payroll tax if companies employ the workers for a year, the company will get a $1,000 tax credit. The proposal also allots for changes in depreciation values, allowing business to write off new equipment faster than previous depreciation laws permit. The jobs package gives state and local governments construction bonds and more funding for highway and transit improvements.

The jobs package does not including any "tax credit for research-and-development spending." Extended unemployment medical/insurance benefits and Cobra health insurance benefits were also omitted from the bill.

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