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12-23-2011, 01:41 PM
Congress has approved a two-month extension of the payroll tax cut -- and if you enjoyed President Obama's battle with House Republicans over this issue, you won't have to wait long for the sequel.
After all, the new congressional agreement is only for two months. And the parties, while expressing support for a year-long extension of the tax cut, still don't agree on how to pay for it.
The Senate and the House approved the two-month extension this morning, Obama is expected to sign the deal later this morning.
Moving forward, Democrats may well revive their idea to finance the tax cut with a new tax surcharge on millionaires; Republicans are likely to push for more spending cuts to offset the reduced revenue through the tax cut.
"We urge our Republican colleagues to seek common ground with us on how best to pay for it," said Sen. Charles Schumer, D-N.Y. House Majority Leader Eric Cantor, R-Va., said lawmakers need to help "boost economic growth and job creation."
CAPTIONBy Carolyn Kaster, AP
Obama and aides may be looking forward to resuming the debate over the payroll tax cut -- polls show the president's approval ratings rising, especially on the tax issue.
Even conservative supporters of House Speaker John Boehner, R-Ohio, and the House Republicans criticized their performance in recent days, as they resisted the Senate compromise plan for a two-month extension.
Conservative columnist Charles Krauthammer said he agreed with the House GOP policy position -- "what business operates two months at a time?" --but its opposition to a deal that had Senate Republican support put them in a bad political position.
Wrote Krauthammer: "By rejecting an ostensibly bipartisan 'compromise,' the Republican House was portrayed as obstructionist and, even worse, heartless -- willing to raise taxes on the middle class while resolutely opposing any tax increases on the rich."
Will it happen again?
We'll know soon -- within two months.
The agreement that passed today also includes an extension of unemployment benefits, and a change designed to prevent doctors from taking big cuts in Medicare payments.
The financing for the two-month extension comes from $33 billion in increased fees on mortgages backed by Fannie Mae and Freddie Mac.
The deal also calls on Obama to approve construction of a new oil pipeline from Canada to Texas, or explain why the project is not in the nation's interest.
Republicans are casting the proposed Keystone XL oil pipeline from Canada to Texas as a jobs and energy issue; Obama and aides say the project requires more environmental study, and a State Department review is ongoing.
http://content.usatoday.com/communities/...tle-soon/1
After all, the new congressional agreement is only for two months. And the parties, while expressing support for a year-long extension of the tax cut, still don't agree on how to pay for it.
The Senate and the House approved the two-month extension this morning, Obama is expected to sign the deal later this morning.
Moving forward, Democrats may well revive their idea to finance the tax cut with a new tax surcharge on millionaires; Republicans are likely to push for more spending cuts to offset the reduced revenue through the tax cut.
"We urge our Republican colleagues to seek common ground with us on how best to pay for it," said Sen. Charles Schumer, D-N.Y. House Majority Leader Eric Cantor, R-Va., said lawmakers need to help "boost economic growth and job creation."
CAPTIONBy Carolyn Kaster, AP
Obama and aides may be looking forward to resuming the debate over the payroll tax cut -- polls show the president's approval ratings rising, especially on the tax issue.
Even conservative supporters of House Speaker John Boehner, R-Ohio, and the House Republicans criticized their performance in recent days, as they resisted the Senate compromise plan for a two-month extension.
Conservative columnist Charles Krauthammer said he agreed with the House GOP policy position -- "what business operates two months at a time?" --but its opposition to a deal that had Senate Republican support put them in a bad political position.
Wrote Krauthammer: "By rejecting an ostensibly bipartisan 'compromise,' the Republican House was portrayed as obstructionist and, even worse, heartless -- willing to raise taxes on the middle class while resolutely opposing any tax increases on the rich."
Will it happen again?
We'll know soon -- within two months.
The agreement that passed today also includes an extension of unemployment benefits, and a change designed to prevent doctors from taking big cuts in Medicare payments.
The financing for the two-month extension comes from $33 billion in increased fees on mortgages backed by Fannie Mae and Freddie Mac.
The deal also calls on Obama to approve construction of a new oil pipeline from Canada to Texas, or explain why the project is not in the nation's interest.
Republicans are casting the proposed Keystone XL oil pipeline from Canada to Texas as a jobs and energy issue; Obama and aides say the project requires more environmental study, and a State Department review is ongoing.
http://content.usatoday.com/communities/...tle-soon/1
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