packages into law. the $17.6 billion bill will exempt employers from social security payroll taxes on new hires who were unemployed. it will fund highway and transit programs through the end of the year and extend a tax break for businesses that spend money on capital investments. it will also expand a program that helps fund state and local construction projects. cnn will have live coverage of the president s remarks at the signing. that s 11:20 a.m. eastern time. it seems it seems every day we re hearing about another public school district in this country taking drastic steps to stay afloat in this economy. it s about to get worse. our josh levs is here to show us what happens after the stimulus money actually runs out. josh? what s it about? it s so ugly, fred. there s this thing called the cliff. that s what education officials are talking about. when the stimulus money starts to run out. what i m going to do here is
president obama is expected to sign the jobs bill. the bill passed the senate today. it contains about 18 billion in tax breaks and an infusion of cash into highway and transit programs. charities here in the u.s. have raised close to $1 billion. approximately $66 million of the total was in response to the star-studded telethon that was broadcast on major tv networks, including cnn back in january. and reporters and politicians took just a little break from the health care debate at the radio correspondents dinner in washington. vice president joe biden got a few laughs with his photo collection. at our convention, president obama addressed a stadium of roaring supporters. but let me set the record straight, he s not the only one that addressed the stadium. look, i got to level with you, one of the first things, he said, joe, we got to have some ground rules here, ground rules
for social security taxes on new hires who are unemployed for at least 60 days. it will also fund highway and transit programs throughout the rest of this year. and extend tax breaks for businesses that s been on capital investments. that means like buying equipment for their operations. it will also help state and local governments fund capital construction projects as well. this is a thinner version of the $85,000 bill coming out of the senate finance committee. it was a bipartisan action by senator chuck schumer and orrin hatch. they brought this down. harry reid jumped in and said, you know what, let s take the four most important measures and just get this passed because they ve been working on the jobs bill, as you might know, for a long time. they re trying to get this to the president. he s supposed to sign this today. something that will save companies $6,500 when they use this. some are saying what kind of incentive is this, really, $6,000 to really go ahead and do hiring? if
on the job after one year, well, the business will get an extra $1,000 credit. now, the bill also funnels about $20 billion into highway and transit programs. lawmakers said the moves are paid for by crackdowns on offshore tax havens. the associated press has reported it will add $13 billion to the debt over the next three years. counter terrorism officials calling it a powerful blow against al qaeda. they say drones in pakistan have killed one of the group s key leaders. a bomb expert who helped oversee the attack on a cia base in afghanistan this past december. his name is hussein alanini. in that attack a suspected walked into the base and detonated a bomb. killed three cia officers, three security guards and intelligence officer. we are working on gathering brand new details on that strike. we have them for you in the top story at the bottom of the hour. but, first, five american terror
i m sure you have an explanation. excuse me! are you concerned about those that are going to lose their benefits? well, i read a report that said he was going back down to the floor because the democrats in the senate could approve it with unanimous consent. at issue is this on sunday night, a bunch of government programs expired including highway and transit programs and included in that were unemployment benefits for 400,000 americans. now, there s a whole another bill extension. it would be an extension. the senate has already passed a separate jobs bill that has an extension and for the highway programs as well, the house could pass that today. and the president could sign it as early as tomorrow. but he does have a reason why he has been a one man blocking machine. you know why? because he said we just passed this rule, this law that says pay as you go. if you don t have it, we re not going to use it. all of a sudden, the day after doing that, the week after doing