Economist Mark Zandi predicted the payroll tax credit included in Senate Majority Leader Harry Reid's jobs bill could create more than 300,000 jobs.

The tax credit is the brainchild of Sen. Chuck Schumer (D-N.Y.)

"I think Senator Schumer's plan has very good potential for generating a couple 300,000 jobs," he told reporters.

Schumer's provision give employers a tax credit for hiring workers that have been unemployed for more than 60 days. Business leaders have questioned the measure, saying customer demand, not a tax credit, will provoke businesses to hire.