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Thursday, December 22, 2011

House GOP Agrees To Two-Month Payroll Tax Cut Deal

By Susan Duclos

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.