This morning, Congress passed legislation to keep the payroll tax cut in place. It's a two-month deal for now, and the typical worker gets to hold onto about $83 a month.
This morning on American morning, Wall Street Journal's senior economics writer Stephen Moore explains the details of the deal that was passed.
(CNN) - President Barack Obama is expected to make a statement Thursday on the partisan standoff over how best to extend the expiring payroll tax cut, according to the White House.
Obama will be joined by "Americans who would see their taxes go up if the House Republicans fail to act," the White House said. Some of those people have participated in Obama's social media campaign highlighting what a $40 loss to a paycheck can mean to the average American.
Wednesday, the President called House Speaker John Boehner and Senate Majority Leader Harry Reid to discuss the impasse, the White House said.
A two-month extension passed overwhelmingly with bipartisan support by the Democratic-controlled Senate "is the only option to ensure that middle class families aren't hit with a tax hike in 10 days and gives both sides the time needed to work out a full year solution," White House Press Secretary Jay Carney told reporters.
Senator John McCain wants his fellow Republicans in the House to get their act together. He's said the standoff is damaging his party and is unfair to the American people.
Senator McCain talks with CNN's Ali Velshi live from Phoenix this morning about what it will take to break the impasse. He also responds to the recent surge of violence in Iraq since the U.S. military pullout.
Nine days now until a tax hike and House Republicans yesterday walked out of an effort by Democrats to force a vote on extending the payroll tax for two months. Republicans want to take care of it for a whole year.
There is no resolution in sight this morning, even after President Obama spent an afternoon on the phone with Congressional leaders on both sides.
Senate Majority Whip Dick Durbin joins Christine Romans this morning on American Morning to discuss the latest impasse and whether the partisanship in government could improve.