The House of Representatives March 4 approved a modified version of a Senate-passed jobs bill that includes an extension of federal surface transportation programs through December 31, 2010. The House approved the Hiring Incentives to Restore Employment (HIRE) Act, HR 2847, 217-201 after amending it to offset its cost. The vote sends the bill back to the Senate.
The legislation includes tax relief for businesses hiring new employees. For transportation programs, the bill transfers $19.5 billion from the general fund to the Federal Highway Trust Fund, projected to become insolvent in a few months, to repay interest foregone since 1998. Prior to that year, the Trust Fund earned interest on its balance. The legislation also repeals the rescission of unobligated highway program contract authority that was part of SAFETEA-LU and includes an expansion of the Build America Bonds program for state and local infrastructure.
The transportation extension is needed to allow Congress more time to complete work on a new authorization to succeed SAFETEA-LU, which expired on September 30, 2009. The latest extension ends March 28.
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