Business Roundtable slams passage of state-aid bill

The vote in the House on Tuesday approving nearly $10 billion in new taxes on American companies with overseas operations is a counterproductive move that will only hurt future U.S. economic growth and job creation," Johanna Schneider, the Roundtable's executive director, said in prepared remarks. "Keeping American companies and workers competitive should be the No. 1 goal of U.S. tax policy. However, with today's vote, Congress has now added to the growing disparity between the tax policies of the United States and most other major world economies." 

Earlier Tuesday, the House approved the measure 247-161.

Schneider said U.S. multinational companies employ 22 million American workers, and an additional 41 million U.S. jobs depend on those workers staying employed. 

"Further tax hikes will hinder the ability of these companies to protect and create American jobs and will slow our nation's economic recovery," she said.

President Obama will sign the bill into law later on Tuesday. 

"Before you probably get home, this [bill] will become the law of the land," said Speaker Nancy Pelosi (D-Calif.).

The legislation funnels $10 billion to state education programs and gives $16 billion to extend federal Medicaid reimbursements to states. 

Pelosi said the bill will save or create 319,000 jobs, including positions for teachers, police officers and firefighters.