One of the many things left out of the debt-ceiling deal that cleared Congress was an extension of the payroll tax cut that Congress enacted as part of the 2009 stimulus package and subsequently agreed to extend for one more year—this year—beyond its initial expiration date. Both the Obama White House and Democratic congressional leaders said that they wanted an additional one-year extension of that tax cut included in the deal that was just past, but, in the face of Republican opposition, the proposal was dropped.

Read More