Rep. James Lankford Says Tax Policy Cannot Be Done Two Months at a Time

[16Sammie]

"Now let's be clear," Obama said in a surprise appearance in the White House briefing room after the House vote. "The bipartisan compromise that was reached on Saturday is the only viable way to prevent a tax hike on January 1st. The only one."

Obama said failure to pass the Senate version of the payroll tax cut extension could endanger the U.S. economic recovery, which he described as "fragile but moving in the right direction."

[16Sammie]

WASHINGTON (AP) — The House Tuesday rejected legislation to extend a payroll tax cut and jobless benefits for two months, drawing a swift rebuke from President Barack Obama that Republicans were threatening higher taxes on 160 million American workers on Jan. 1.

Obama said the two-month compromise is the only way to stop payroll taxes from going up by two percentage points.