Obama signs $17.6 billion jobs bill

President Barack Obama signed into law a $17.6 billion jobs bill on Thursday and sounded an optimistic note about the U.S. economy, saying it may soon begin adding jobs instead of losing them.

The legislation would exempt businesses from paying the 6.2 percent payroll tax on new employees who had previously been out of work. Employers would also get a $1,000 tax credit if those workers were still on the job a year later.

Obama said that while the jobs bill "is absolutely necessary, it is by no means enough. There is a lot more we need to do to spur hiring in the private sector and bring about a full economic recovery."

The bill also subsidizes state and local construction bonds and allocates $19.5 billion to shore up a highway construction program and extend it through the end of the year.

The bill's costs, other than the highway fund, are offset by a crackdown on offshore tax shelters.