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The bill contains two major provisions. First, it exempts businesses hiring the unemployed from the 6.2 percent Social Security payroll tax through December. It also gives employers an additional $1,000 credit if new workers stay on the job a full year. The Social Security trust funds would be reimbursed for the lost revenue.
Second, it extends highway and mass transit programs through the end of the year and pumps in $20 billion in time for the spring construction season. The money would make up for lower-than-expected gasoline tax revenues.
