The sponsor of the GOP bill, Senate Finance Committee ranking member Orrin HatchOrrin Grant HatchProminent conservative passes on Utah Senate bid Republicans offer this impossible choice: Tax cuts or senior care Senate GOP running out of options to stop Moore MORE (R-Utah), argued that his bill is a better alternative because it would not add to the deficit or raise taxes.

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"Built on several of the president's Jobs Council's proposals, this legislation is a better way of speeding transportation construction, while scrapping burdensome regulations that are hurting our nation’s job creators," Hatch said. "It isn't funded with job-killing tax hikes. It doesn't add a dime to the debt. And unlike the Democrats' stimulus proposal, it should garner bipartisan support."

Aside from funding highway programs for two years, the bill incorporates the Regulations from the Executive in Need of Scrutiny (REINS) Act, which would give Congress the authority to override regulations Republicans say are hindering job growth. It also delays several pending Environmental Protection Agency regulations.

Both the Democratic bill and the Republican alternative are likely to fail today, as both motions to proceed will require 60 votes for passage. The Democratic bill would spend $50 billion on new infrastructure programs and create a $10 billion infrastructure bank.