House Speaker John Boehner said he’s confident that Republicans and Democrats in Congress will agree to a payroll tax-cut extension supported by President Barack Obama.
“We are in a formal conference with the Senate, and I’m confident that we’ll be able to resolve this fairly quickly,” Boehner, an Ohio Republican, said on ABC’s “This Week” program yesterday.
A short-term extension of the payroll tax cut expires Feb. 29, and the president is seeking to have it extended until the end of 2012. Unless Congress acts, the 2 percentage point payroll tax-break for employees will lapse, as will emergency unemployment benefits.
The two parties disagree on how to pay for the plan and whether all the costs must be offset.
Congressional Republicans have blocked efforts over the past year to impose a surtax on income exceeding $1 million to pay for the extension. A House-Senate conference committee aimed at breaking the deadlock on the extension is scheduled to meet again Feb. 1.