This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

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.

Disclosure: TheStreet's editorial policy prohibits staff editors and reporters from holding positions in any individual stocks.

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG
AAPL $124.75 -1.13%
FB $80.78 -1.86%
GOOG $524.05 -1.83%
TSLA $206.79 0.04%
YHOO $44.45 -2.91%

Markets

DOW 17,826.30 -279.47 -1.54%
S&P 500 2,081.18 -23.81 -1.13%
NASDAQ 4,931.8150 -75.9760 -1.52%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs