There is broad agreement on doing the payroll tax holiday through the end of the year … The problem is paying for it. … (Democrats) just don’t want to cut any spending. That is what made it problematic. But we will get it done. We will get it done before the end of February.Senate Minority Leader Mitch McConnell • Emphasizing that the payroll tax cuts that proved a thorn in the GOP’s side back around Christmas will get extended through the new year, no matter how many arms McConnell has to twist. The thing is, though, he’s not the guy who has to do the hard work. It’s Boehner in the House, who pissed off his rightward-leaning members by ignoring their wishes to score a deal. However, even Boehner is confident: “I’m confident that we’ll be able to resolve this fairly quickly,” he said. The tax cuts expire at the end of February, but there’s no word on how they plan to pay for this. source (via • follow)
I promise you, the American people, your voices made a difference on this debate. You reminded people in this town what this debate and what all of our debates should be about: It’s about you; it’s about your lives; it’s about your families.President Obama • Speaking about the debate around the payroll tax cuts, which finally reached his desk today after a solid week of hand-wringing by the House GOP. Here’s the plan from here on out, according to the president: “We’re going to have to roll up our sleeves together, Democrats and Republicans, to make sure that the economy is growing and to make sure that more jobs are created.” Think he’s making headway? source (via • follow)
» Those who refinance will feel the pinch, too: To help pay for the $33 billion cost of the extended-by-two-months payroll tax cut, the federal government will increase the cost for homeowners to get their homes insured by Fannie Mae and Freddie Mac, who currently back nine out of ten home mortgages in the U.S. The fee, currently around 0.3 percentage points, would jump by 0.1 percentage points, which translates to roughly $17 per month for most homeowners. However, this fee would not affect current homeowners unless they refinance starting next year. Is this the best way to handle the extension?
While this agreement is for two months, it is my expectation — in fact it would be inexcusable for Congress not to further extend this middle-class tax cut for the rest of the year. It should be a formality. And hopefully it’s done with as little drama as possible when they get back in January.President Obama • In remarks after the Senate passed a two-month-long extension to the payroll tax cuts. While he’s still annoyed by the fact that tax increases for the wealthy aren’t connected with the bill, “I think that it’s important for us to get it done,” he claimed. Think that further extensions will happen without said drama? Or is the president dreaming? The House will take a final stab at the bill on Monday. source (via • follow)
Don’t screw this up Yahoo.
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