House Passes Payroll Tax Cut Extension

The House Passed HR 3630, the Temporary Payroll Tax Cut Continuation Act of 2011 on December 17, 2011. The measure provides for the continuation of the 2% payroll tax cut for both self-employed and employees, extends the funding for Unemployment Compensation until March 1, 2012, extends Medicare payments to doctors until March 1, 2012, imposes increased fees for home buyers under Fannie Mae, and gives the President 60 days to make a determination of the permit for the XL Keystone Pipeline from Canada. The CBO estimates the total bill will add $166.8 billion to the national debt for the 2012 fiscal year.

Ten Democrats supported 224 Republicans for the measure, while 14 Republicans opposed the bill on grounds of excessive spending. The final tally was 234 – 193.

 

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