UPDATE 2.17.12 1:05 P.M. EST:
The Senate has also passed the Payroll tax extension on Friday with a vote of 60-36 less than an hour after the House approved it by a 293-132. As expected, the majority of the Yeas came from Democrats while the bulk of Nays from Republicans. Now the Bill is on its way to President Obama to be signed into law.
Read FULL STORY
Scroll down for my earlier report.
2.17.12]---After the usual wrangling, pandering and posturing, The House passed the payroll tax extension measure on Friday. Now it is up to the Senate to wrap up the last leg of this journey by voting a majority yea.
The bi-partisan deal, which also included unemployment benefits and stopped a Medicare fee cut for doctors in 2012, was passed with a 293-132 vote. 41 Democrats and 91 Republicans voted against the Bill.
President Obama is anxiously waiting to sign the $100 billion Bill into law for this being an election year means part of his approval rating depends on this. Many of his supporters feel that he has compromised too many times, emerging with the shorter end of the stick.
This payroll tax cut has reduced 160 million Americans payout to Social Security from 6.2 percent to 4.2, on the first $110, 100 they earn. In these dire economic times, this amounts to $83 per month savings for those making $50,000 annually, a significant reduction.
If the Senate doesn't pass this measure, the payroll tax reduction, unemployment benefits and the Medicare tax cut for doctors all expire at the end of February.
According to CNN, the non-partisan Congressional Budget Office claims the passing of this Bill into law would increase the federal deficit by $89 billion over 10 years.
Republicans are also clearly opposed to this measure saying the economic value is questionable yet they continue to support the Bush tax cut to the wealthiest among us, in place for almost a decade.