Yesterday, the House rejected a Senate compromise bill on the payroll tax cut, which is set to expire January 1. In all likelihood, this means that taxes will rise—an average of $40 per paycheck, according to the latest White House press blitz—unless House Speaker John Boehner shores up enough support to pass a two-month extension or brokers a new deal. Although Obama hasn't left Washington for vacation in Hawaii yet, he isn't getting too involved in the imbroglio, having learned the danger of using the bully pulpit with his jobs plan—for Republicans, whose sole aim seems to be to frustrate the president's agenda, any endorsement from Obama amounts to a kiss of death.
- A Fight to Make Banks More Prudent The New York Times
- Bernanke Money Policy Seen as Successful as Savers Become Consumers Bloomberg Businessweek
- Can Europe Be Saved? Foreign Policy
- Moving Toward Stagnation The Economist
CHART OF THE DAY
REASON TO GET OUT OF BED IN THE MORNING
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