Republicans Reject Another Portion of Obama's Jobs Bill
NEW YORK (TheStreet) -- President Barack Obama's $447 billion job bill hit another bump Thursday as Senate Republicans failed to pass a $60 billion proposal to repair bridges, highways and other infrastructure in poor condition.
The proposal aimed to help construction workers who have had a particularly difficult time finding jobs because of the collapse of the housing market. The measure called for $50 billion in spending to mend bridges, roads, airports and other transit and rail systems in addition to $10 billion in loan funding to help pay for crucial projects, according to a Reuters report.
The president's job package has had a hard time finding support from Republicans since it would be partially paid for by tax increases on the wealthy.
Nevertheless, Senate Democrats have endeavored to keep the package alive by breaking it up into separate components, forcing Republicans to vote on legislation that has strong backing from Americans who are worried about continued weakness in the labor market.Friday brings the latest data on the jobs market with the Labor Department's October employment report at 8:30 a.m. ET. Economists are expecting non-farm payrolls to rise by 95,000 and the private sector is projected to show gains of 120,000, according to Thomson Reuters estimates. The unemployment rate, however, is expected to remain at 9.1%. -- Written by Melinda Peer in New York.
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