Friday, January 15, 2010

No jobs bill?

The Senate is where legislation often goes to die, and it's looking more and more like that's the fate awaiting a new jobs bill wanted by President Barack Obama.

After barely limping out of the House last month, prospects for a deficit-financed jobs bill appear bleak in the Senate, where it's probably going to take all 60 votes in the Democrats' coalition to pass it.

That's doubtful. About one in six House Democrats voted no when the bill squeaked through the House last month.

Prospects for getting the required unanimity among Senate Democrats is especially bleak since the first item of business on the Senate's agenda when it returns next week is a bill to let the government sink itself another $925 billion into debt. To turn around and take up legislation to spend perhaps $75 billion to $150 billion of that strikes some Democrats as a bad vote.

There's also Obama's upcoming budget projecting another record deficit atop last year's record $1.4 trillion, adding to the difficulty in passing a new, debt-financed jobs package.

The good news - - the weaker Obama gets, the less likely his grandiose schemes will be enacted.

The bad news - - we needed a jobs bill last year, we're probably going to get stuck with some form of Obama care (as his last and only major accomplishment), and multi trillion dollar deficits will continue for the foreseeable future.

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