Mr. GIBBS. Mr. Speaker, the President has said it would be inexcusable not to extend the payroll tax cut for a year. However, the Senate's plan merely extends the plan for just 60 days, instead of a full year extension, creating uncertainty for our job creators at a time when millions of Americans are out of work. It also creates more uncertainty about implementing the plans, as we just learned today from the National Payroll Reporting Consortium.
American families deserve better than tax policy in 2-month increments. Last week, the House passed bipartisan legislation that extends the payroll tax cut for a full year, which would save American households an average of $1,000 a year. It also extends unemployment benefits and ensures senior citizens have access to their doctor by preventing a cut in Medicare reimbursement rates.
The worst part of the Senate plan is it puts new permanent fees on home mortgages to pay for 60 days of spending. This is an irresponsible and outrageous plan.
Our bill is offset by reasonable spending cuts, not new taxes on hardworking middle class home borrowers. A full-year plan with no new taxes is better than a 2-month spending spree which is nothing more than a political sideshow.
I guess the Senators were anxious to leave town and not finish their work. So I think we ought to call the Senate plan ``I'll be home for Christmas.''