Senate could pull all-nighter on latest jobs bill

Senate Democratic leaders may opt to stay in overnight Monday to use up 30 hours of debate that would be required under Senate rules following a cloture vote tonight on H.R. 2847, a $17.6 billion jobs bill. Senate Majority Leader Harry Reid (D-Nev.) and Senate Minority Leader Mitch McConnell (R-Ky.) were in discussions Monday on how to proceed. 

The Senate could stay in session all night if the 30 hours aren't yielded back, according to a senior Democratic aide. Republicans would have to agree to yield the time and pass the bill. 

The jobs bill, passed March 4 on a 217-201 vote in the House, could be sent to President Barack Obama's desk if the Senate clears the measure. 

The measure includes a tax credit for businesses that add new workers and a $1,000 tax break for keeping them on the books for at least 52 weeks. Companies also receive increased expensing for certain capital purchases. The measure also extends the Highway Trust Fund and Build America Bonds through 2010.

The bill includes offsets that place new reporting requirements on foreign firms with U.S. account holders. It also delays through 2020 the ability for U.S. multinational companies to deduct worldwide interest income from earnings made in the United States.