Reid says bill to save teachers' jobs would reduce the deficit

The measure is paid for by closing corporate tax loopholes that allow U.S.-based multinational companies to use foreign tax credits to reduce their U.S. taxes. The measure also rescinds previously appropriated money and cuts future food stamp benefits.

"This amendment meets every test Republicans claim to be concerned about. They have no more excuses, and tomorrow, they will have a choice: lay off teachers weeks before the new school year starts and fire the first responders who keep us safe, or help these workers keep their jobs and help our economy recover."

A vote scheduled for Monday was postponed until Wednesday after a CBO analysis showed the measure would add $5 billion to the deficit over the next 10 years. 

Senate Minority Leader Mitch McConnell (R-Ky.) has called the bill a payoff to public employee unions. 

"Our friends on the other side are now in the business of paying for states to hire more workers even if they can't afford it on their own," McConnell said Monday. "It creates a permanent need for future state bailouts, at a time when we can least afford it."

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