Washington -
Failing to extend the payroll tax holiday is wholly unacceptable, which is why we voted to extend the holiday for a full year. Businesses cannot adequately plan for the 2012 business year in 60-day increments. It would be an administrative nightmare. Nor is 2-month tax policy conducive with long-term economic recovery. The House passed plan provides a full year's worth of certainty and over $1000 in savings for the American worker.
House conferees are in Washington today and will remain there waiting on the Senate to appoint conferees. That is the way the Constitution provided for the enactment of legislation. When the House and the Senate pass different bills, a conference committee resolves the differences and reaches a resolution. The House has twice passed plans, which provide for 12 months of certainty with respect to the payroll tax, 24 months of certainty on Medicare reimbursement for healthcare providers, and a step toward energy independence with the Keystone Pipeline.
Typically in life, we want to extend good things for as long as we can so, inasmuch as there is wholesale agreement that extending the payroll tax holiday is a good thing, why would we not do it for as long as we can. Two months is inadequate and patently political. The Democrats want to string along the tax holiday in 2-month increments to benefit the President's re-election bid. The House wants to extend it now – today – for as long as possible to provide certainty to the American worker.
