Congress Passes Payroll Tax Cut, Jobless Benefits Extension

Job Market Monitor

It seemed next to impossible last year — but, it’s a new year, and Congress finally decided to come together and pass something.

A pretty big, $143 billion something.

Fox Business: “Both the House and Senate have passed legislation extending the payroll tax cut for 160 million workers. It also extends long-term jobless benefits through December.”

You might remember — Democrats and Republicans dug in their respective heels on both those issues — and the bickering dominated December.

They called each other out. Privately. Publicly. Here’s CBS video.

Source: newsy.com

OBAMA: “Put politics aside. … I’m calling on the Speaker to bring up the Senate bill for a vote.”

BOEHNER: “I need the president to help out, alright?”

But after all that — both the House and the Senate passed the package — which among other features — gives workers’ paychecks a two percent tax break.

Previously the GOP had demanded it be paid for somewhere else in the budget, but in recent days signalled they were willing to let that go. Why the change of heart? The Brookings Institute’s Isabel Sawhill tells Bloomberg…

Read More and Watch Video @ Congress Passes Payroll Tax Cut, Jobless Benefits Extension. BY CHRISTINA HARTMAN