Wednesday, October 12, 2011

Senate rejects Obama jobs bill, surtax on millionaires

Democrats in the U.S. Senate joined a Republican minority in defeating a measure by one vote - 50 to 49 - to send President Obama's $447 billion jobs bill to the floor for debate and an up or down vote.

A key component of the jobs plan designed to reduce deficit spending would include a 5.6% surtax on income of more than $1 million per year.

The President vowed to break up the jobs bill into smaller component parts to see if his administration will be able to influence Congressmen to pass key elements of the jobs plan, issues which he said they have supported in the past.

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