Will what happens hit your wallet hard?
Sen. Chuck Schumer's candid take on what's going on in the tax cut debate. Click the video to see.
The House of Representatives is saying it will not ok the compromise payroll tax cut, approved by the U S Senate on Sunday.
An expected, Monday night's vote has been postponed. The Senate okayed a two month extension of the cut, but now the House Speaker wants it longer. Senators say they won't do that til the two month version is done.
In Syracuse on Monday afternoon, Senator Chuck Schumer (D-NY) said the US Senate should not go back into session on the issue. 'To go back would not accomplish anything,' he told us. "Because again, they would come up with another proposal that would never pass because ultimately there are too many of them who don't want to see this payroll tax cut happen."
Congresswoman Ann Marie Buerkle (R-Syracuse) is among the members of the House who've called the plan approved by the Senate an insult to the American people.
The payroll tax cut will expire at the end of the year unless it's extended. Estimates are, it will mean a thousand dollar take home pay cut a year, for most families. Schumer says the extra money is also worth a
1 - 2% boost to the economy.
