Today the Senate approved a $33 billion bill to extend unemployment benefits, extend the payroll tax cut, and avoid pay cuts for doctors who accept Medicare. The bill, which was passed in the Senate 89 to 10, is said to be necessary to keep the economy in check because without it, the payroll tax would rise from 4.2% to 6.2% of wages by January (about $1,000 tax increase for every $50,000 income family).
But the bill only lasts for two months.
Some politicians are criticizing the Senate's inability to approve a year long bill saying it is a "failure for the American people." The House of Representatives will begin debating the legislation next week but the passage of it is questionable because the Republicans in the House have been trying to use the payroll tax cut as a way to pass construction for Keystone XL. Obama has threatened to veto the bill if those provisions are included.
Do you believe that the bipartisan approval of the bill in the Senate, even if it only extends for a brief period of time, is a success?
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