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Excerpt:

The Senate voted Thursday to approve a package of $26 billion in aid for state and local governments, funded partly by an $11 billion tax increase on U.S. multinational corporations.

In what was one of the final moves by the Senate before lawmakers depart Washington for the summer recess, Democrats were able to score a significant victory for a core constituency of their party: labor unions and public-sector workers.

But at the same time, they handed a hefty tax bill to U.S. companies with units overseas that have been able to pay a lower corporate income tax rate on profits derived from their foreign businesses.

The Senate voted 61-39 to approve the measure, with just two Republicans joining with every single Democrat to vote in favor of the legislation.

House Democratic leadership indicated Wednesday they plan to bring back lawmakers in that chamber to give final approval to the legislation, likely Aug. 10.

[…]The majority of Republicans were critical of the legislation, arguing it was handing U.S. corporations—which they say are proven job creators—another reason to move more of their operations to other countries. At the same time, they said, it was essentially rewarding traditional Democratic supporters at the expense of large firms.

That’s 26 billion more dollars that are coming out of the productive private sector, to pay for people who are already overpaid compared to private sector producers.