The first attempts to prevent a payroll tax cut from expiring Dec. 31 fell short in the U.S. Senate, even as House Speaker John Boehner expressed confidence that Congress would extend the tax break and unemployment benefits.
"There is enough common ground between where the White House and Democrats are and where Republicans are for us to move this legislation and to do so quickly," Boehner told reporters yesterday.
Many lawmakers from both parties agree that Congress should extend the 2 percentage point cut in the payroll tax and expanded unemployment insurance into 2012 to prevent workers from getting smaller paychecks. They disagree on how to cover the cost. The payroll tax cut extension would prevent the government from collecting $119.6 billion.
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