By Bernie Becker and Vicki Needham - 11/03/11 09:27 PM EDT
Repealing the 3 percent rule would keep the Treasury from collecting roughly $11 billion over a decade. The regulation, which has been delayed a couple of times and is currently scheduled to go into effect in 2013, was enacted more than five years ago to battle tax cheating among contractors.
Republicans from both chambers and groups like the U.S. Chamber of Commerce have noted the White House’s support for the House plan in lobbying the Senate to act.
President Obama’s endorsement of the House approach came after he proposed delaying the rule for a year in his $447 billion jobs package.
GOP lawmakers have also said that amending the House bill in the Senate could impede the measure’s momentum.
“Instead of waiting for more ‘stimulus’ bills that face bipartisan opposition, the Senate should work with the House to pass the jobs bills like this one that are supported by both parties,” Rep. Wally Herger (R-Calif.), who introduced the House repeal measure, said on the chamber floor on Thursday.