Obama Signs $18 billion jobs bill

Obama Signs $18 billion jobs bill

This morning, in the Rose Garden, President Obama signed into law an eighteen billion dollar jobs bill which hopefully will give a needed boost to the economy. The law provides employers with incentives to hire new workers and to reduce the rolls of the unemployed.. Businesses will receive a break from paying the 6.2 percent Social Security payroll tax for the remainder of 2010 on any new workers they hire,  who were unemployed for at least sixty days. Employers will also get a thousand tax credit for each of those workers who stays on the payroll for at least one full  year. This payroll tax break is expected to encourage employers to hire hundreds of thousands of jobs.
 The new law also extends highway and mass transit programs to the end of the year and provides additional $20 billion for funding for construction jobs.

News Sources: Associated Press