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"I don't think you get people back to work in this nation by loading more and more debt onto the next generation," Gregg said. The bill would be paid for in part by a crackdown on international tax cheats, an issue the Internal Revenue Service and the Obama administration have embraced. The new hiring tax credit could spur about 250,000 new jobs, according to economist Mark Zandi of Moody's Economy.com. The economy has shed 8.4 million jobs since the recession began in December, 2007. Sen. Charles Schumer, D-N.Y., a sponsor of the hiring tax break, said it would have an immediate impact since businesses won't have to apply for it when doing their taxes a year from now. "It immediately takes effect," Schumer said. "It goes right to small businesses." In addition to the hiring tax incentives and highway funding, the bill would extend a tax break for small businesses buying new equipment and modestly expand an initiative that helps state and local governments finance infrastructure projects. Before lawmakers can pass more jobs legislation, the Senate will have to first approve a stopgap measure to continue the help for the unemployed and doctors in the Medicare program that Reid had dropped from the earlier jobs legislation. The help currently expires on Feb. 28. Reid has promised to advance longer-term help for the unemployed and a host of other measures as early as next week. Senators acknowledged that the bill passed Wednesday will not put a huge dent in the nation's unemployment rate. "This package is not a panacea. It's not going to solve everything," Schumer said. "But because we have a jobs agenda, not just a jobs bill, we will keep at it and at it and at it."
[Associated
Press;
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