House and Senate Leaders are developing a jobs creation bill aimed at reducing the nation’s 10 percent unemployment rate. Congressional leaders are looking closely at infrastructure investment, a highways funding bill and another extension of unemployment insurance as part of broad package of spending and investment to boost job creation.
Rep. James L. Oberstar (D-MN), Chairman of the House Committee on Transportation and Infrastructure, pitched Democratic leadership on the idea of using $100 billion in general fund money to pay for highway and transit projects over the next two years. The plan would quickly infuse funds into Public Works projects to stimulate the economy and would give Congress time to debate revenue changes that are needed to pay for a six-year Surface Transportation Authorization bill, currently stalled in the House and Senate.
Meanwhile, the Administration held a Jobs Summit on December 3. The forum was an opportunity for the president and his economic team to hear from chief executive officers, small business owners, labor leaders and financial experts about ideas for growing the economy and putting Americans back to work.
A timeline for the jobs creation package is still unclear, although Congressional leaders say they intend to have a complete package considered in January. The House may consider some elements before the end of the year. The overall size of the package and how it will be financed has yet to be determined.
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