The bill passed on a 68-29 vote, with nearly all Democrats and 11 Republicans backing it.
"We have found a way to hire workers, help businesses that hire them with tax cuts and keep it budget-neutral," said Sen. Charles SchumerCharles SchumerDems rip Trump administration for revoking Obama's transgender directive Ellison holds edge in DNC race survey Overnight Cybersecurity: Trump defends Flynn, blasts leaks | Yahoo fears further breach MORE (D-N.Y.), who crafted the hiring tax break with Sen. Orrin HatchOrrin HatchA guide to the committees: Senate 7 key players in the GOP's border tax fight Public lands dispute costs Utah a major trade show MORE (R-Utah).
The bill is fully paid for by increasing enforcement of foreign account taxes, delaying the implementation of a tax break on worldwide interest and raising the corporate estimate tax on large corporations.
The bill also includes new low-cost federal bonds for state and local government infrastructure programs, an extension of the highway trust fund for federal transportation projects and an extension of a tax break allowing companies to write off losses due to depreciating equipment.
Obama has said he will sign the bill.
Before passing the bill, Democrats and a handful of centrist Republicans voted to waive a budget point of order against the bill raised by Sen. Judd Gregg (R-N.H.). Gregg said the bill would raise spending levels above those set by the budget resolution last year.
"It spends more than their own budget called for," Gregg said of the bill.
The one Democrat to vote against the bill was Sen. Ben Nelson (Neb.). The 11 Senate Republicans who voted for it were Lamar AlexanderLamar AlexanderA guide to the committees: Senate Overnight Healthcare: Trump officials weigh fate of birth control mandate | House, DOJ seek delay in ObamaCare lawsuit House, Justice Department ask for delay in ObamaCare lawsuit MORE (Tenn.), Kit Bond (Mo.), Scott Brown (Mass.), Richard BurrRichard BurrTrump's pick for intel chief to get hearing next week A guide to the committees: Senate Juan Williams: Senate GOP begins to push Trump away MORE (N.C.), Thad Cochran (Miss.), Susan CollinsSusan CollinsGOP senator grilled over DeVos vote during town hall GOP senator: Flynn should testify on Russia Greens launch ads against two GOP senators for Pruitt votes MORE (Maine), Jim InhofeJames InhofeA guide to the committees: Senate GOP considers ways to ‘modernize’ endangered species law GOP bill would eliminate Consumer Financial Protection Bureau MORE (Okla.), George LeMieux (Fla.), Lisa MurkowskiLisa MurkowskiA guide to the committees: Senate Public lands dispute costs Utah a major trade show Oprah's network provides Senate with tape of abuse allegations by Puzder's ex-wife: report MORE (Alaska), Olympia Snowe (Maine) and George Voinovich (Ohio).
Senate Democrats have said this is the first of a string of measures aimed at cutting the 9.7 percent unemployment rate.
The next item Senate Democrats will take up is measures to increase lending for small businesses, Schumer said.
Other measures Senate Democrats said they're considering are tax incentives to have property owners improve the energy efficiency of homes and buildings, an advanced manufacturing tax credit and a 6-year surface transportation reauthorization bill for road, rail and highway projects.
-- This article was updated at 11:44 a.m.