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White House Adviser: Jobs Bill Won't Drag Economy

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  • Description

    FBN's Rich Edson on the Senate jobs bill vote.

  • Duration 2:15
  • Date

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Welcome back everybody we're watching the jobs bill that is moving on Capitol Hill today expected to -- tonight.

And Rick Jackson just interviewed Gene Sperling an economic advisor at the White House.

And here's what He said.

That millionaire's tax points at 6% surtax that the -- -- to be used to pay for this jobs bill would have quote no drag.

On the economy.

Castilla that job more on that now from rich is standing by on Capitol Hill it just to combat sudden it's -- more about its average terms what's in this bill.

Always look at this proposal and a mr.

sperling was talking about the net effect of the jobs package and we'll get to that and second when you look at the details.

The spending in the tax cuts that president proposed a couple of weeks ago infrastructure spending money for teachers and firefighters that's all the scene.

The senate has swapped out their own taxes -- You've now got a millionaire surtax five point 6% on income levels of more than a million dollars all income levels of more than a million dollars presumably capital gains and dividends are included in that.

And it would Begin in 2013.

To those the details on what they're voting on tonight around 615630.

Guys.

-- -- look at it what about this passing.

It's not going to capacity sixty votes to support those procedural hurdles the senate has to get through there even some questions as to whether or not all 53 Democrats.

Will support this the problems are twofold one Republicans say this looks too much like the first stimulus plan calling it stimulus to -- it is spending is too much.

And they say the taxes are too high we talked about this earlier Gene Sperling was telling us.

That He doesn't think the tax increases we'll have that much of an effect on the economy -- -- Doesn't even -- affect the penny.

Spending or taxes in 111 worked when He twelfth.

It starts -- 2013.

Hopefully at that point the economy is -- gain greater momentum and then it's just affecting.

Three out of 1000 taxpayers and those who.

As economists say have the lowest marginal propensity to consume.

Republicans and argue that's taking money away from folks who would create jobs -- so again this bill will not pass tonight all Republicans are expected.

To vote against it back to you rich thank you Richardson on Capitol Hill expect.

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