Senate Finance Committee Releases Job Creation Legislation
Jun 08, 2010
The Senate Finance Committee on June 8 released a Senate substitute amendment for the American Jobs and Closing Tax Loopholes Act of 2010 (HR 4213), or the "extenders" bill, which the House passed on May 28.
Like the House bill, the Senate version includes critical provisions that would stimulate the economy and, importantly, aid low-income families who have been hardest hit by the recent economic downturn.
The Senate bill includes some of the same measures in the House bill, including extending the TANF Emergency Fund for another year, funding for summer jobs for youth, and extending unemployment insurance benefits for the long-term unemployed. The Senate bill goes further than the House bill, though, and continues the Recovery Act increase in the share of Medicaid and child welfare costs paid by the federal government (called FMAP). The House cut these provisions from its final version. Unfortunately, the Senate bill does not restore the extension to health insurance subsidies for unemployed workers, which the House also dropped from its bill.