Rules Republicans blast Levin for springing jobs bill on them

“It’s just not the way to do
business,” said Rep. David Dreier (R-Calif.), the committee’s ranking
member. 

Levin responded by saying
many of the bill’s provisions had been vetted and voted on. They were included
the so-called tax extenders bill that the House took up before the July 4
recess.  

“It isn’t legitimate, in my
judgment, to say this is a surprise,” he said, adding that staffers could
dissect the bill in “about 15 minutes” since many of its provisions had already
been presented before the committee. 

Rep. Virginia Foxx (R-N.C.)
said members on her side of the aisle would have to trust Levin that there were
no surprises in the bill since they had very little time to review it. 

“We have to take your word
for it,” she said. 

Foxx strongly hinted that the
bill was being brought forward to help Democrats politically in campaigning for
reelection over the August break, which is slated to begin in two days. She
also asked why the bill could not be brought forward after the House returns in
September. 

Levin replied that bill
extends emergency spending measures that expire Sept. 30. 

“If we don’t vote on it now,
they won’t have the money,” he said. “We come back September 15th. We should
act now.” 

The bill, Investing in
American Jobs and Closing Tax Loopholes Act of 2010, is a part of Democrats’ “Make
it in America” agenda that seeks to bolster the country’s manufacturing
sector. 

The legislation includes an
extension to Build America Bonds, new market tax credits and Recovery Zone
Bonds. It also extends emergency assistance to programs like Temporary
Assistance for Needy Families, slated to expire Sept. 30. 

The bill is paid for in large
part by closing $11.6 billion in foreign tax credits.

The original intent of the tax credits was to ensure against
double taxation. But Levin in the past has stated that these credits have
been abused by companies to reduce their tax burden by using them to offset
unrelated foreign income.