WASHINGTON (AP) — President Barack Obama will sign into law Monday legislation giving tax breaks to companies that hire unemployed veterans.
The bill passed Congress last week with rare bipartisan support. But the brief moment of unity is being overshadowed by the apparent failure of lawmakers from both parties to reach an agreement on $1.2 trillion in savings ahead of a Wednesday deadline for the special deficit-reduction supercommittee.
The legislation Obama is set to sign creates tax breaks for companies that hire jobless veterans and helps vets get job training and counseling. It also repeals a 2006 law that would require the federal, state and local governments to withhold 3 percent of their payments to contractors.
The veterans' legislation is the first proposal included in Obama's $447 billion bill to win congressional approval.