Businesses could reap $10 billion in tax credits for hiring long-term unemployed

"The HIRE Act is an example of a targeted, time-limited program that promotes private-sector job growth, which is essential for a strong economic recovery," said Alan Krueger, assistant secretary for economic policy and chief economist at Treasury.

The HIRE credits are slated to expire at the end of the year, but Sen. Charles Schumer (D-N.Y.) said during an event Monday in Albany, N.Y., that he is pushing to extend the law for six months. 

"The Hire Now tax cut has proven to be a timely, targeted and effective job creator, helping middle-class Americans find work," Schumer said.