The President's jobs package died last week when the Senate voted it down. The $447 billion plan failed on a 50-49 vote. The tally had been 51-48, but Senate Majority Leader Harry Reid, D-Nev., switched his vote to "nay" so he could force a future revote. The White House and leaders in Congress are already moving on to alternative ways to address the nation's unemployment situation. It is hoped the three Free Trade Agreements with South Korea, Colombia and Panama will provide for future domestic employment.
Last Thursday Senate Republicans introduced their own jobs bill, the "Jobs Through Growth Act." This piece of legislation is aimed at creating jobs by overhauling the nation's tax laws, cutting business rules and boosting offshore oil exploration. The bill does not include a single item in President Barack Obama's jobs legislation.
Senators Mike Johanns, R-Neb., and John McCain, R-Ariz., announced the proposal. McCain says they believe business and growth creates jobs. The GOP plan calls for repeal of Obama's health care law and passing a constitutional amendment requiring a balanced budget. Senator Rob Portman, R-Ohio, called the bill a pro-growth proposal to create the environment for jobs.
Lawmakers in both parties support revamping the tax code by getting rid of deductions and using the revenue to lower rates on individuals and businesses. But repealing last year's financial overhaul measure and a complete moratorium on new regulations are non-starters with the White House and Democrats controlling the Senate.