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Dec 20, 2011 TONI S COMMUNITY, DMV, POLITRIX, SCHOOLED 0
Congress showed little sign of resolving its partisan standoff Tuesday over the payroll tax cut extension as the Republican-controlled House of Representatives passed a measure expressing disapproval of a Senate plan, and leaders in the Democratic-controlled Senate insisted they won’t go along with a new House proposal.
The House is expected to pass a resolution Tuesday supporting a year-long extension of both the payroll tax cut and emergency federal unemployment benefits. House Republicans are also pushing for a new, two-year “doc fix,” or delay in significant scheduled pay cuts to Medicare physicians.
All three measures are currently set to expire December 31.
Under the plan, the $33 billion in costs would be offset by an increase in fees that new homeowners with federally backed mortgages will pay to Fannie Mae, Freddie Mac and the Federal Housing Administration. Those entities would then turn that money over to the U.S. Treasury.
The bump amounts to about $15 per month for every $200,000 borrowed, Senate aides estimated.
Most senators agreed on a two-month extension as a fallback position after Democrats and Republicans were unable to reach a more long term, comprehensive agreement.
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