Caterpillar Inc. said the health-care overhaul legislation being considered by the U.S. House of Representatives would increase the company’s health-care costs by more than $100 million in the first year alone.

In a letter Thursday to House Speaker Nancy Pelosi (D-Calif.) and House Republican Leader John Boehner of Ohio, Caterpillar urged lawmakers to vote against the plan “because of the substantial cost burdens it would place on our shareholders, employees and retirees.”
Caterpillar, the world’s largest construction machinery manufacturer by sales, said it’s particularly opposed to provisions in the bill that would expand Medicare taxes and mandate insurance coverage. The legislation would require nearly all companies to provide health insurance for their employees or face large fines.

The Peoria-based company said these provisions would increase its insurance costs by at least 20 percent, or more than $100 million, just in the first year of the health-care overhaul program.

Don’t look for a burst of hiring by small businesses in Wisconsin as a result of the federal jobs bill signed into law on Thursday.

A number of small-business owners in the state say they make hiring decisions based on the business they generate, not whether they can save nine months’ worth of Social Security payroll taxes per newly hired worker, which is the main feature of the law.

But in an economy that seems stumped about which way it is heading - signs of growth one day are replaced by signs of stagnation the next - every bit of aid that business can get helps, they say, and they plan to take advantage of the new law if they can.

New jobs, though, won’t come in large numbers until there is enough work to justify them.