House approves state-aid bill

However, Ways and Means Committee ranking member Dave Camp (R-Mich.) contends the job creation touted by Pelosi will come at the cost of losing 141,000 private-sector jobs. 

“This bill, and the tax increases included in it, will hurt job creation,” he said. “According to the methodology of Dr. Christina Romer, the president’s chief economic adviser, the tax increases in this bill will destroy over 140,000 American jobs.” 

Camp’s comment is aimed at a measure in the bill that restricts the use of foreign tax credits for U.S. multinational companies — a provision that has failed to pass the House at least twice. 

Pelosi, in her concluding argument before the vote, said today’s attempt to restrict the use of the tax credits will be her chamber’s third.

Limiting the use of tax credits helps to offset the bill’s cost and reduce the deficit. 

The nonpartisan Congressional Budget Office expects the legislation will reduce the deficit by about  $1.4 billion over 10 years.

Tuesday’s action in the House comes on the heels of the Senate approving the legislation last week. The bill now travels to the White House, where it is expected to be signed into law.