Fox obtains Senate jobs bill outline

Fox obtains a copy of the parameters of the Senate jobs bill emerging from bipartisan negotiations. One note of caution -- there are many moving parts here; items from different cmtes of jurisdictions.

The Finance Cmte portion --- meaning all stuff related to TAXES -- has the agreement of top cmte Republican Chuck Grassley and senior cmte member Orrin Hatch., according to sources

The rest is still TBD.

Sen Minority Leader Mitch McConnell, R-KY, said Tuesday that most of his members havent seen the bill.

BUT --- Republicans are sure to like that Dems gave up their intention to pay for any part of this bill with TARP bailout funds.

SENATE JOBS BILL

Cost- $85 billion

Will include:

? Hiring tax credits (close to Schumer/Hatch proposal to allow employers an exemption of payroll taxes if they hire new employees)

? Infrastructure (Build America Bonds, 1 year extension of highway trust fund)- total for this is $15 billion

? Tax extenders ($35 billion, just date changes to extend from 2009 to 2010)

? Unemployment insurance 3 month extension, COBRA 3 month extension, Doc Fix 7 month extension ($35 billion total)

? Flood insurance extension

? Patriot Act 1 year extension

? Small business (waiving fees for small business loans)

? Satellite Homeowner Act 5 year fix

? $1.5 billion ag disaster funding for Lincoln and Cochran

There are $50 billion in offsets mainly from closing tax loopholes