Senate Democrats press $80 billion economic package

With the Dow plummeting 268 points on word that unemployment unexpectedly rose last week, Senate leaders unveiled the rough outlines of their package of tax breaks and new spending to spur a recovering but still-sluggish economy.

The Senate's unusual speed stems in part from the loss Democrats suffered in Massachusetts' Senate contest last month.

"We heard the message of Massachusetts," said New York Sen. Chuck Schumer. "They said focus immediately, and don't take your focus off jobs, the economy, helping the middle class."

Nevertheless, Schumer and other Democratic leaders are striving mightily to make this plan bipartisan.

Schumer worked with Utah GOP Sen. Orrin Hatch to craft a $10 billion piece of the measure - a Social Security tax holiday lasting through 2010 for employers who make new hires. There would also be a $1,000 tax credit next year for jobs that last at least 52 weeks.

"It's simple, it's implemented immediately, and it goes directly to reduce unemployment," said Schumer, who's optimistic it will pass quickly. "I hope it sets a new trend for bipartisan accomplishment."

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