Guam – Guam Congresswoman Madeleine Bordallo has released the following statement on agreement reached to extend the payroll tax cut for 2 months. The deal means that there will be no increase in payroll taxes for millions of American workers.
READ Congresswoman Bordallo’s release in FULL below:
House Agrees to Payroll Tax Cut Extension
FOR IMMEDIATE RELEASE – December 22, 2011 – Washington, D.C.
Congresswoman Madeleine Z. Bordallo today released the following statement regarding the temporary payroll tax cut extension. House Leadership recently notified Members that the House has agreed to accept the Senate compromise language on H.R. 3630, the Temporary Payroll Tax Cut Continuation Act of 2011, with language that will reduce regulatory burdens on small businesses in implementing these payroll tax rules. The Conference Committee, however, will continue to meet over the coming weeks to develop a longer-term deal on these matters. The House and Senate are expected to pass the updated compromise bill by unanimous consent before Christmas. The Senate passed the bill on Saturday by a vote 89-10.
“I am glad that House Republican leadership has agreed to compromise language on extending the payroll tax cuts,” said Congresswoman Bordallo. “Unfortunately, this issue has highlighted the problems fiscal conservatives have caused in passing the most basic legislation. Bringing issues to the brink has been the method of operation all year long, and it does not help to create predictability in our markets. It is unfortunate that fiscal conservatives blocked this tax cut for political advantage. I continue to urge my colleagues in the House and Senate to look at longer term solutions to these important tax matters, and I am encouraged that there is language in this agreement that requires the Congress to continue to look into this matter. If House Republicans had not agreed to this compromise, they would have effectively raised taxes on millions of Americans at a time when the economy is still recovering.”