Speaker Boehner Announces Deal To Extend Payroll Taxcut

House Speaker John Boehner announced Thursday that a compromise had been reached with Senate Democratic leader Harry Reid to extend the payroll tax cut.

“Senator Reid and I have reached an agreement that will ensure taxes do not increase for working families on January 1 while ensuring that a complex new reporting burden is not unintentionally imposed on small business job creators,” Bohener said in a statement of the agreement made with Reid. “Under the terms of our agreement, a new bill will be approved by the House that reflects the bipartisan agreement in the Senate along with new language that allows job creators to process and withhold payroll taxation under the same accounting structure that is currently in place. The Senate will join the House in immediately appointing conferees, with instructions to reach agreement in the weeks ahead on a full-year payroll tax extension. We will ask the House and Senate to approve this agreement by unanimous consent before Christmas. I thank our Members – particularly those who have remained here in the Capitol with the holidays approaching – for their efforts to enact a full-year extension of the payroll tax cut for working families.”

Watch Boehner’s remarks below via CNN:

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