Senate OKs short-term extension of payroll tax cut

by
December 18, 2011

By ANDREW TAYLOR, The Associated Press

The Senate has approved a two-month extension of a cut to the Social Security payroll tax and jobless benefits for the long-term unemployed.

It’s a partial victory for President Barack Obama’s year-end jobs agenda.

Democratic and GOP leaders went with just a short extension after failing to agree on big enough spending cuts to pay for a full-year renewal of the payroll tax cut.

The 2 percentage point tax cut affects 160 million taxpayers. The weekly jobless payments average about $300 for millions of people who have been out of work for six months or more.

The measure was approved by an 89-10 vote during a Saturday session.

It also contains a provision demanded by Republicans to pressure Obama into approving construction of a Canada-to-Texas oil pipeline that promises thousands of jobs.

Racing for the exits after a year of bitter battles, senators aimed to pass legislation Saturday that would extend a Social Security payroll tax cut and jobless benefits for just two months, delaying the next fight until February.

Democratic and GOP leaders opted for just a short extension after failing to agree on spending reductions large enough to cover a full year renewal of the 2 percentage point tax cut for 160 million workers and weekly jobless payments averaging about $300 for millions of people who have been out of work for six months or more.

The legislation is a partial victory at best for President Barack Obama, who’s being forced to accept a provision aimed at forcing construction of a Canada-to-Texas oil pipeline that promises thousands of jobs.

To read more, visit:  http://www.businessweek.com/ap/financialnews/D9RMANOG1.htm

No comments yet - you can be the first!

Leave a Reply

Your email address will not be published. Required fields are marked *

Keep the Fake News Media in check.

Don’t let the MSM censor your news as America becomes Great Again. Over 500,000 Americans receive our daily dose of life, liberty and pursuit of happiness along with Breaking News direct to their inbox—and you can too. Sign up to receive news and views from The 1776Coalition!

We know how important your privacy is and your information is SAFE with us. We’ll never sell
your email address and you can unsubscribe at any time directly from your inbox.
View our full privacy policy.