Congress got something done!
Looks like House and Senate leaders have reached a bipartisan deal to extend the payroll tax-cut to the end of the year, extend unemployment benefits, and forgo cuts to the Medicare reimbursements.
The last time the payroll tax issue came up, Republicans in the House demanded corresponding budget cuts, cuts that never came through. The government nearly shut-down before Congress agreed to a two-month extension to all the above provisions.
Democratic leaders were giddy that Republicans backed down from their demands to pay for the payroll tax cut.
“The payroll tax cut is political candy,” said Sen. Jim DeMint (R-S.C.). “Once you hand it out, it’s hard to take it back.”
It's a stunning turnaround from last year's melodramatic bickering and heel-digging Congress.
The takeaway is this. Republicans aren't thrilled about the deal, but want to save their energy for bigger fights. Democrats are happy to pass a tax-cut in an election year, even if it adds $100 billion to the deficit.
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