(Washington, DC) Today, legislation supported by Congressman John Yarmuth (KY-3) to save the jobs of 160,000 educators across the country was approved in the U.S. House by a vote of 247 to 161. To reduce state budgetary shortfalls and prevent layoffs across the nation, the Education Jobs and Medicaid Assistance Act  provides $10 billion in aid to save the jobs of American teachers, firefighters, nurses, and police officers – including an estimated 2,300 education jobs in the Commonwealth of Kentucky.

“Without this legislation, thousands of Kentucky children could have gone back to school without a teacher at the head of the class, and our neighborhoods could have lost many of the first responders that keep them safe,” said Congressman Yarmuth. “While we move toward an economic recovery that works for all Americans, this critical support ensures we do not neglect our children’s future or the safety of our communities.”

The legislation is expected to create or save more than 319,000 jobs nationwide in both the public and private sector. The Education Jobs and Medicaid Assistance Act also includes provisions to bolster state Medicaid funding, allocating $155,000,000 in support of Kentucky’s health care programs and $16.1 billion nationwide.

The cost of the bill is entirely offset by provisions that hammer shut loopholes in the tax code that previously encouraged corporations to ship jobs overseas, targeting unintended tax incentives for companies to move assets abroad and the abuse of the foreign tax credit by multinational corporations. Cost savings from the implementation of these provisions are projected to not only cover the cost of the job saving measures, but also reduce the deficit by $1.4 billion.