Obama Wants to Pass $80B Jobs Bill by Friday

Obama met today with a bipartisan commission to discuss a potential jobs bill to spur job growth for the 15 million Americans looking for work. Some of the better ideas on the table included eliminating capital-gains taxes for investments in new firms, a $5,000-per-job tax credit for firms that hire new workers,and a break from Social Security taxes in 2010 for employers when they hire an unemployed worker. However, Obama also proposed a $30 billion plan to inject new capital into community banks, more "stimulus" money for infrastructure spending and green tax breaks for homeowners. My prediction is that without the filibuster-proof Senate majority, Obama gets no more bank handouts, infrastructure money or green initiatives. The most likely scenario in the newly bipartisan climate is a bill suspending taxes and providing other incentives for businesses to hire. Of course, I could be wrong since Obama once again mentioned reforming healthcare during the bipartisan talks. He may be too laser-focused on his agenda to allow his side to support conservative, tax-cutting strategies. We'll see.