The long battle is over, and the troops are headed home. House Republicans finally caved on a two-month extension on the payroll tax cut, realizing that their intransigence was winning them nothing but voter contempt. Congress cleared the $33 billion legislation this morning. The only concessions rewarded to the obstructionists were a minor provision protecting businesses from a few payroll-reporting requirements and an agreement to push a conference committee to negotiate a year-long extension on the tax cut.
- It's Always Sunny in Silicon Valley Bloomberg Businessweek
- Medicare Spending Growth Rising Slower But Enrollment Will Rise The Washington Post
- Finding Success in a Lifelong Passion for Fighting Monopolies DealBook
- Declining Jobless Figures Buoy Hopes For Year-End Recovery The Los Angeles Times
CHART OF THE DAY
Wonkblog asked economists and policymakers to pick their favorite charts that sum up 2011's news on the economy. Jared Bernstein picked this one, which shows the gulf growing between worker compensation and corporate profits growing, and proves that dragons actually make the data look less scary.
REASON TO GET OUT OF BED IN THE MORNING