Extending the Payroll Tax Cut

President Barack Obama makes a statement on the extension of the payroll tax cut in the James S. Brady Press Briefing Room of the White House, Saturday, Dec. 17, 2011. (Official White House Photo by David Lienemann)

This afternoon, President Obama took a moment to address reporters on the plan from Congress to extend the payroll tax cut. He said:

Today, Congress has finally agreed to extend this middle-class tax cut into next year.  And they’ve also agreed to another part of my jobs plan, extending unemployment insurance for millions of Americans who are out there trying as hard as they can to find a job.  This is spending money that also benefits families and businesses and the entire economy.  And it’s a lifeline that would have been lost for more than two and a half million people in the first two months of next year if Congress had not acted. 

So I'm very pleased to see the work that the Senate has done.  While this agreement is for two months, it is my expectation -- in fact it would be inexcusable for Congress not to further extend this middle-class tax cut for the rest of the year.  It should be a formality.  And hopefully it’s done with as little drama as possible when they get back in January.