Obama Signs Jobs Bill Into Law

President Obama signed a jobs bill into law Thursday that will give a $20 billion infusion to highway and transit programs, following the Senate’s approval of the measure in a 68-29 bipartisan vote Wednesday, the Associated Press reported.

The measure will give companies that hire unemployed workers a temporary payroll tax break, and optimistic estimates predict that could generate 250,000 jobs through the end of the year, AP said.

The figure, however, would just be a fraction of the 8.4 million jobs lost since the start of the recession in 2007, AP reported. Eleven Republican Senators voted for the bill.

In addition to the transportation funds, the bill contains about $18 billion in tax breaks, exempting businesses that hire people who have been unemployed for at least 60 days from paying the 6.2% Social Security payroll tax through December.

Taxpayers will have to reimburse Social Security for the lost revenue, AP reported.