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"The U.S. is in recovery, but it is relatively mild and weak, and certain things could derail the recovery," says economist Ross Starr of the University of California San Diego. "Failure to extend unemployment benefits and failure to extend the payroll tax cuts would both represent fiscal drag on the recovery." Today (Dec. 20), House Republicans turned down a compromise bill that would have extended the payroll tax cut for two months. It was passed by the Senate Saturday. The House Republicans named members of a committee that would negotiate a new agreement with the Senate. But the Senate has adjourned.
"The U.S. is in recovery, but it is relatively mild and weak, and certain things could derail the recovery," says economist Ross Starr of the University of California San Diego. "Failure to extend unemployment benefits and failure to extend the payroll tax cuts would both represent fiscal drag on the recovery." Today (Dec. 20), House Republicans turned down a compromise bill that would have extended the payroll tax cut for two months. It was passed by the Senate Saturday. The House Republicans named members of a committee that would negotiate a new agreement with the Senate. But the Senate has adjourned.