In a rare weekend session, the Senate Sunday removed the last procedural obstacles to a vote on what has become known as the JOBS bill, providing $136 billion in tax cuts for corporations ranging from multinationals and manufacturers (defined broadly to include construction and architectural firms) to US-based importers of Chinese ceiling fans.
The House easily passed a conference committee version of HR 4520 [text] on Thursday. Congress sees the bill as must-pass legislation because it includes provisions repealing a $5 billion annual subsidy for US exporters that has been ruled illegal by the World Trade Organization [official website]; the European Union has imposed a penalty tariff [Export.gov report] on 1600 products imported from the US, raising the tariff by one percentage point each month that Congress failed to repeal the outlawed tax break. Federal News Radio has more. AP has more on this bill and others discussed in today's Senate session.