by Mindy Aguon
Guam - The House has agreed to a temporary extension of the payroll tax cut. The Temporary Payroll Tax Cut Continuation Act of 2011 contains language that will reduce regulatory burdens on small businesses in implementing these payroll tax rules.
Congresswoman Madeleine Bordallo says the fiscal conservatives blocked this tax cut for political advantage and had the compromise not been agreed upon, the House Republicans would have effectively raised taxes on millions of Americans at a time when the economy is still recovering.
The conference committee will meet over the next few weeks to develop a longer-term deal. The House and Senate are expected to pass the updated compromise bill before Christmas.