House aims to pass debt increase, jobs bill
WASHINGTON (MarketWatch) — House lawmakers were aiming on Wednesday to wrap up their work for the year and pass an increase in the nation’s borrowing limit, as well as a $75 billion jobs bill.
With the government fast approaching its $12.1 trillion debt limit, members are on track to approve a short-term increase of $290 billion. Plans for a much bigger increase fell through after objections from fiscally conservative Democrats, and the relatively small amount means Congress will have to revisit the issue in 2010, an election year.
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The jobs bill is funded partly with unused money from the government’s bailout of Wall Street banks. It expands infrastructure projects, continues unemployment benefits and provides money for small business loans low interest auto loans. Read summary of jobs bill.
House members are trying to wrap up the bills before they leave for vacations. Some are also going to the climate-change summit in Copenhagen, which winds up this week.
The Senate is tied up with health-care and is unlikely to get to the jobs bill this year. Senators are trying to vote on the Democrats’ sweeping health-care bill before Christmas. Read story about Senate health-care debate.
The House’s jobs bill comes after President Barack Obama held a jobs summit at the White House on Dec. 3.
But two ideas proposed by Obama in recent days, tax rebates for energy-efficient home renovations and tax credits for small businesses to expand hiring, weren’t included in the House Democrats’ bill.
House aims to pass debt increase, jobs bill
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