The Speaker of the U.S. House of Representatives, John Boehner, has announced that the House and the U.S. Senate have reached an agreement to extend the Payroll Tax Cut for two more months.
Because the Senate had left Washington, D.C. after the passage of their bill, the House was pretty much left with a take it or leave it predicament.
The outline of the provisions are as follows:
Come January 1, 2012, there will be no increase in taxes for working Americans.
A 'reporting burden' will not imposed on small business.
The House and Senate will appoint conferees on a full 1 year payroll tax cut and unemployment extension bill.
The Speaker of the House and Senate Majority leader ask the House and Senate to pass by unanimous consent.
The bill includes a Keystone pipeline provision. Speaker Boehner hopes President Obama will sign the bill.
At the White House, President Obama expressed his pleasure that both chambers reached an agreement.
When asked if he caved, Speaker Boehner said. "Sometimes its hard to do the right thing... Politically, it is difficult to do the right thing... We were fighting for the right things ... we waged a good fight."