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Posted by on Dec 1, 2011 in At TMV | 8 comments

Senate Kabuki On Payroll Tax Cut

The US Senate tonight put on another kabuki show as they ‘rejected’ two plans to extend the payroll tax cut.

The Democratic plan, which would have paid for the cut with a surtax on millionaires, got a 51-49 majority but failed to get the 60 votes needed to invoke cloture.

A proposal by Senator Heller (R-NV) which would have paid for the cut by cutting spending failed by a much larger margin, with many Republicans voting no.

Of course all if this is show because we know they will reach a compromise (probably a mix of the two plans) and extend the cut. Nobody is going to raise taxes in an election year.