House Republicans caved to President Barack Obama’s demand for a two-month payroll tax cut extension, ending an impasse that threatened to raise taxes on millions of Americans on Jan. 1.
The capitulation came fast Thursday afternoon as House Republicans found themselves increasingly isolated in insisting that a full one-year extension was the only solution to the year-end crisis. The end of this debate will also come quickly — the House and Senate hope to clear the $33 billion legislation on a voice vote Friday morning.
In announcing the deal Thursday evening, Speaker John Boehner said Republicans had won new provisions that would protect businesses from certain payroll reporting requirements. Republicans also got Democrats to agree to accelerate the meeting of a joint House-Senate conference committee to negotiate a full-year deal.
“It may not have been politically the smartest thing in the world, but let me tell you what: I think our members waged a good fight. We were able to come to an agreement. We were able to fix what came out of the Senate,” Boehner told reporters.
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