Listening to the talking heads legislators in D.C. over the past few days confirms to me that a deal on extending the payroll tax cut for another year is going to get done. Sure there will be some histrionics, but there will be no tax increase for American workers come January 1, 2012.
This is a far cry from what Obama asked for a few months ago. He will have to be happy to get this. The extension will reduce tax receipts by about $120b for 2012. The deficit will go up accordingly. The
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