Senate Democrats will hold vote Friday on $35 billion jobs bill

Senate Majority Leader Harry Reid (D-Nev.) said he will schedule a vote to proceed to a $35 billion jobs bill on Friday.

"We're going to make sure there's a vote on our bill this week," Reid said.

The $35 billion measure would direct federal funds to states to prevent layoffs of teachers, police officers and firefighters.

Democrats estimate the legislation will save or create 400,000 jobs. Most of the funding, $30 billion, would go to teachers. First responders would get $5 billion.

It would be paid for by a 0.5 percent tax increase on income over $1 million.

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