Senate nearing agreement on jobs bill

Senate Democratic and Republican leaders were nearing an agreement Monday night that would put a $17.6 billion jobs bill on the floor Wednesday and move the FAA reauthorization to the top of the agenda for Tuesday, according to a senior Democratic aide.  

Party leaders were considering an overnight session Monday into Tuesday to burn 30 hours of debate required under Senate rules after cloture is invoked. Republicans were considering using their allotted time on the measure (H.R. 2847). 

The jobs bill, passed March 4 on a 217-201 vote in the House, could be sent to President Barack Obama's desk when the Senate clears the measure. 

The measure includes a tax credit for businesses that add new workers and a $1,000 tax break for keeping them on the books for at least 52 weeks. Companies also receive increased expensing for certain capital purchases. The measure also extends the Highway Trust Fund and Build America Bonds through 2010.

The bill includes offsets that place new reporting requirements on foreign firms with U.S. account holders. It also delays through 2020 the ability for U.S. multinational companies to deduct worldwide interest income from earnings made in the United States.