House Reaches Tentative Agreement for Two-Month Payroll-Tax Extension
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Nearing the 11th-hour, lawmakers from both parties came to a head, and tentatively passed an extension to the payroll-tax break. Speaker Boehner released a statement saying both the House and Senate will unanimously approve the measure before December 25th.
Originally aiming for one year, the temporary two-month extension will give lawmakers longer to debate on details for a revised proposal.
Words between President Obama and Boehner became heated in recent months, as both were surely frustrated at the other parties resistance to come to an agreement.
Now a quote from the WSJ which hits home: "If Congress fails to act, the payroll tax paid by working Americans will revert to 6.2% from 4.2%, shrinking employees' take-home pay. Federal unemployment benefits would also expire, leaving workers with state unemployment benefits, which typically run out at 26 weeks."
US futures are indicated modestly higher in post-market action.
Originally aiming for one year, the temporary two-month extension will give lawmakers longer to debate on details for a revised proposal.
Words between President Obama and Boehner became heated in recent months, as both were surely frustrated at the other parties resistance to come to an agreement.
Now a quote from the WSJ which hits home: "If Congress fails to act, the payroll tax paid by working Americans will revert to 6.2% from 4.2%, shrinking employees' take-home pay. Federal unemployment benefits would also expire, leaving workers with state unemployment benefits, which typically run out at 26 weeks."
US futures are indicated modestly higher in post-market action.
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