The House GOP caved, agreed to pass the temporary extension of the payroll tax cut deal Republican and Democratic Senators agreed to, tweaked the language a bit to fix the difficulties businesses might experience implementing the short-term, two-month tax cut extension and bowed to the negative press they have been receiving for insisting on the full year extension.
Negotiators "found a path forward for a 2-month deal that provides a brief extension, that fixes the payroll problems in the Senate-passed bill, and that provides the ability to work toward a longer-term solution," said another House GOP aide with direct knowledge of the negotiations. The deal would remove some reporting requirements that Republicans argued added to the administrative burden caused by a short-term extension
Now everyone gets to go home and celebrate Christmas. So much for all that panic.
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