GOP Senators Block Top Obama Jobs Initiative
Washington (CNN) — Senate Republicans on Thursday blocked the No.1 item on the president’s congressional “to-do-list,” refusing to allow a vote on a bill that would give tax breaks for companies that “insource” jobs to the U.S. from overseas while eliminating tax deductions for companies that move jobs abroad.
In voting against the bill, Republicans raised both substantive and procedural problems with the measure.
The bill fell four votes short of the 60 needed to bring it to debate, with 42 voting against it. Four GOP senators — Scott Brown of Massachusetts, Susan Collins and Olympia Snowe of Maine and Dean Heller of Nevada — voted in favor of the bill.
The Bring Jobs Home Act would provide a 20% tax break for the costs of moving jobs back to the United States and would rescind business expense deductions available to companies that are associated with the cost of moving operations overseas.