Bipartisan 'Jobs' Bill Short on Making Jobs

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There seems to be a big problem with the bipartisan jobs bill coming out of the U.S. Senate. It won't create many jobs.

The measure includes tax cuts to please Republicans and its passage would hand President Obama a badly needed political victory.

In addition, the legislation's centerpiece is a tax break for businesses that hire unemployed workers. However, even the Obama administration admitted it would have limited success.

"We're skeptical that it's going to be a big job creator," said Bill Rys, tax counsel for the National Federation of Independent Business.

"There's certainly nothing wrong with giving a tax break to a business that's hired a new worker, especially in these tough times," he said. "But in terms of being an incentive to hire a lot of workers, we're skeptical."

Meanwhile, the Congressional Budget Office reports the tax cuts would only create up to 18 full-time jobs per $1 million in tax breaks.

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