Senate Finance Committee Releases Revised Job Creation Legislation
Jun 24, 2010
The Senate Finance Committee on June 23 released yet another revised Senate version of the American Jobs and Closing Tax Loopholes Act of 2010 (HR 4213). The bill, often called the "extenders" bill, passed the House on May 28, but two earlier versions failed key test votes in the Senate on June 16 and 17.
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, though the Senate version eliminates the $25 a week supplemental unemployment insurance payments and ends the Recovery Act increase in food stamp (SNAP) benefits as of June 1, 2014. The Senate bill goes further than the House bill in another area, though, continuing the Recovery Act increase in the share of Medicaid and child welfare costs paid by the federal government (called FMAP), but, in the latest Senate version, phasing out this FMAP increase over six months. The House cut this provision 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.