Speaker John Boehner is holding a press conference to announce that, as
previously reported, the Republicans have caved on the payroll tax cut extension standoff. (Okay, he probably won't use those exact words.) From his
statement earlier today:
Senator Reid and I have reached an agreement that will ensure taxes do not increase for working families on January 1 while ensuring that a complex new reporting burden is not unintentionally imposed on small business job creators. Under the terms of our agreement, a new bill will be approved by the House that reflects the bipartisan agreement in the Senate along with new language that allows job creators to process and withhold payroll taxation under the same accounting structure that is currently in place. The Senate will join the House in immediately appointing conferees, with instructions to reach agreement in the weeks ahead on a full-year payroll tax extension. We will ask the House and Senate to approve this agreement by unanimous consent before Christmas.
Watch it live here.
2:35 PM PT: Boehner says he doesn't think this is "the time for celebration." Yeah, probably because all the headlines say Republicans caved.
2:36 PM PT: "It may not have been politically the smartest thing in the world." Gee, ya think?
2:39 PM PT: Boehner says, "Doing the right thing for the right reasons is always the right thing to do."
2:40 PM PT: And Boehner has left the room—presumably, to go cry. More.
2:42 PM PT: Here is the president's statement:
For the past several weeks, I’ve stated consistently that it was critical that Congress not go home without preventing a tax increase on 160 million working Americans. Today, I congratulate members of Congress for ending the partisan stalemate by reaching an agreement that meets that test.
Because of this agreement, every working American will keep his or her tax cut – about $1,000 for the average family. That’s about $40 in every paycheck. Vital unemployment insurance will continue for millions of Americans who are looking for work. And when Congress returns, I urge them to keep working to reach an agreement that will extend this tax cut and unemployment insurance for all of 2012 without drama or delay.
This is good news, just in time for the holidays. This is the right thing to do to strengthen our families, grow our economy, and create new jobs. This is real money that will make a real difference in people’s lives. And I want to thank every American who raised your voice to remind folks in this town what this debate was all about. It was about you. And today, your voices made all the difference.
2:44 PM PT:
2:48 PM PT: