1 Name: Masoni : 2011-12-22 13:40 ID:ypJo3N4W [Del]
On Thursday, President Obama renewed his call for the House of Rep. to pass a 2 month extension of cutting the Social Security payroll taxes and unemployment insurance benefits which was enacted a year ago by Congress.
The reason the impasse continues is because "a fraction of House Republicans have refused to support this ( two - month ) compromise," Says Obama at the press conference Thursday afternoon.
President cited some specific people, such as "Joseph from New Jersey", who would sacrifice a pizza night with his children. "This is insurance to ensure that our recovery continues," says the President while adding that the impasse is "exactly why people get so frustrated with Washington."
Workers who are making $60 thousand a year, the two - month payroll tax tax would mean a additional $200 take - home pay, or about $25 per week.
For the first time Mitch McConnel, Senate Republican Leader, added his voice to those calling House Rep. to allow a two - month package to become a law. He also said Senate Democratic Leader, Harry Reid, should appoint negotiators to try work out a one - year accord.
The Republican - controlled House passed a one - year extension of a 4.2% payroll tax rate instead of the normal 6.2% rate which has been in effective from 1990 to 2010.
The discord between President Obama and House Republicans remains as it has been for weeks: how to offset, or pay for, the nearly $200 billion cost of package. The Senate on Saturday passed a two - month extension of the tax cute, after Reid and McConnell couldn't reach an accord on how to find revenues and to cute spending to offset a one - year package.
