MCC Loses $50 Million in Jobs Bill

Yesterday President Obama signed the so-called jobs bill into law. The $26 billion package, designed to boost state payrolls, comes with offsets from other accounts including the Millennium Challenge Corporation (MCC).  HR1586 rescinds $50 million from the MCC’s FY2010 funds.  While much better than the originally envisioned $150 million rescission, the cut still must come from somewhere.  The Philippines compact has been approved and is already in its 15-day congressional notification period so will be spared from the rescission.  But compacts in Jordan or Malawi are possible targets, or the MCC might work to keep those projects intact and trim the $50 million from other places.