Paychecks for 160 million workers will be reduced in Januaryunless lawmakers break a stalemate that could dent U.S. economicgrowth and poses political difficulties for a Congress with lowpublic approval ratings.
President Barack Obama, House Speaker John Boehner and SenateMajority Leader Harry Reid show no intention of making concessionson a tax-cut extension that would break the logjam. Obama insistedyesterday the only way to avert a payroll tax increase for workersin January is for the House to send him a two-month deal the Senatepassed Dec. 17.
Boehner and the Republican-controlled House pressed ahead withtheir plan as the House voted 229-193 yesterday, without anyDemocratic support, to reject the two-month bipartisan Senatemeasure and call for a yearlong extension of the tax cut.
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