Troubled commercial real estate market threatens economy

The Senate passed the first jobs bill package today. With the help of 13 Republicans, the measure easily passed the Senate. The success comes two days after a handful of Republicans helped the jobs bill bypass a crucial procedural vote. The measure costs 15 billion dollars and will provide tax breaks to small businesses who hire new employees. Business owners will be exempt from paying their share of social security taxes.

This is the first of a series of measure the Senate hopes to pass this year to stimulate the job market. As unemployment continues to be a lagging factor in the economic recovery, another concern is looming: a bust to the commercial real estate market. As FSRN’s Leigh Ann Caldwell reports, a sour commercial real estate market could have devastating impacts on the economy.