The Senate passed a two-month extension of the payroll (social security) tax cut extension today. The House also has to pass this, but that is a virtual certainty which is expected to happen early next week. President Obama has also indicated he will sign the bill.
The bill also includes a provision allowing the Keystone oil pipeline project to proceed, unless Obama specifically blocks it within 60 days. Whether Obama will block it or not will be interesting to watch. He retreated here on his insistence to include a millionaires surtax to fund the extension of the social security tax cut, and his base is not likely to be pleased with that.
Now he must make a decision (something he obviously hates doing) to either throw the environmentalists under the bus or throw the unions and his pro-job credentials under the bus. Considering the state of the economy and the rapid approach of the upcoming elections, it seems like he would want to go with the jobs and the domestic energy production. But wisdom has never been this President's strong suit, so we will have to wait and see.
As far as the tax cut extension, this is not a good idea, partially because it is cutting funding for social security, a entitlement program that is already heading towards bankruptcy, and partially because it is temporary, which means that no one will be inclined to make any hiring decisions around this sort of a short term measure.
A better idea would be to totally reform the entire tax system, but the Democrats are opposed to that idea, so that will apparently have to wait.
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The bill also includes a provision allowing the Keystone oil pipeline project to proceed, unless Obama specifically blocks it within 60 days. Whether Obama will block it or not will be interesting to watch. He retreated here on his insistence to include a millionaires surtax to fund the extension of the social security tax cut, and his base is not likely to be pleased with that.
Now he must make a decision (something he obviously hates doing) to either throw the environmentalists under the bus or throw the unions and his pro-job credentials under the bus. Considering the state of the economy and the rapid approach of the upcoming elections, it seems like he would want to go with the jobs and the domestic energy production. But wisdom has never been this President's strong suit, so we will have to wait and see.
As far as the tax cut extension, this is not a good idea, partially because it is cutting funding for social security, a entitlement program that is already heading towards bankruptcy, and partially because it is temporary, which means that no one will be inclined to make any hiring decisions around this sort of a short term measure.
A better idea would be to totally reform the entire tax system, but the Democrats are opposed to that idea, so that will apparently have to wait.
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