Saturday, December 17, 2011

Senate Passes $1 T Budget Bill, Extends Payroll Tax Cut for 2 Months

The Senate has passed a $1 T budget bill, extending the 2% social security payroll tax cut, as well as delaying the scheduled 27% slash in payments to physicians treating Medicare patients for 2 months.
As Jim Willie would say, who do you think will buy the bonds to pay for this? Europe? Bwahaha. China? Bwahaha. Japan? Bwahaha. Russia? Bwahaha. 
The Fed.  Period!
QE is ONGOING, and Will Continue to INFINITY....AND BEYOND!!!

WASHINGTON (AP) - The Senate passed legislation Saturday extending a Social Security payroll tax cut and jobless benefits for just two months, handing President Barack Obama a partial victory while setting the stage for another fight in February.
It also brought a peaceful end to a year-long battle over spending by passing a $1 trillion-plus catchall budget bill that wraps together the day-to-day budgets for 10 Cabinet departments and military operations in Iraq and Afghanistan. The House passed the measure Friday, and the White House has signaled that Obama will sign it.
The renewal of the 2-percentage-point cut in the Social Security payroll tax for 160 million workers and unemployment benefits averaging about $300 a week for the additional millions of people who have been out of work for six months or more is a modest step forward for Obama's year-end jobs agenda.
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