Payroll tax cut extended for two months
Last Friday, the stand off over the payroll tax holiday ended – at least for the next few weeks. It was accomplished by a procedure called “unanimous consent.” According to NPR, unanimous consent is “…a procedure that allows things (usually those that aren’t controversial) to be passed so long as no lawmaker stands up to object.” And with no member of Congress objecting in the House or Senate, the bill was fast-tracked and passed in a matter of minutes. It was later signed into law on the same day.
The bill that passed was very similar to the Senate bill, which we outlined last week. The only difference was a technical change regarding how the payroll tax holiday will be implemented by payroll departments across the nation. Additionally, the Senate agreed to appoint conferees, so the work will soon begin between House and Senate negotiators on a year-long extension.