Skip to content
Catholic Online Logo

By Catholic Online (NEWS CONSORTIUM)

2/16/2012 (2 years ago)

Catholic Online (www.catholic.org)

'Congress needs to extend that tax cut, along with vital insurance lifelines for folks who've lost their jobs during this recession,' president says

In order to extend the payroll tax cut and unemployment insurance through the end of the year, President Barack Obama cited rising gas prices as one of the chief reasons. The White House says that the average U.S. citizen would be affected by $40 per paycheck if the tax cut is not extended at the end of February.

When President Obama entered the White House in January 2009, the city average price for one gallon of regular unleaded gasoline was $1.79.

When President Obama entered the White House in January 2009, the city average price for one gallon of regular unleaded gasoline was $1.79.

Highlights

By Catholic Online (NEWS CONSORTIUM)

Catholic Online (www.catholic.org)

2/16/2012 (2 years ago)

Published in Business & Economics

Keywords: Gas prices, payroll tax cut extension, President Obama


LOS ANGELES, CA (Catholic Online) - The payroll tax funds Social Security and cutting the tax would reduce funding to Social Security by $119 billion over the next year. This would be on top of the $105 billion reduced from funding in 2011.

Republican lawmakers have announced plans to vote for a full-year extension to the tax cut. In opposition, Obama told his audience at the Eisenhower Executive Office Building in Washington that they must put pressure on Congress.

"Congress needs to extend that tax cut - along with vital insurance lifelines for folks who've lost their jobs during this recession - and they need to do it now, without drama and without delay," Obama said.

"No ideological sideshows to gum up the works. No self-inflicted wounds. Just pass this middle-class tax cut. Pass the extension of unemployment insurance. Do it before it's too late, and I will sign it right away."

House Republicans have tried to extend the payroll tax cut for a full year in December. They also agreed to a Senate Democratic proposal to extend it just for the first two months of 2012.

Obama delivered a budget address at the beginning of this week in which he referred to the Bush tax cuts as $1 trillion in spending. The following day, Obama stressed that the economy is improving and that this is not a time to reduce the amount of spending money.

"Allowing this tax cut to expire would make people's lives harder right now," Obama said. "It would make their choices more difficult. It would be $40 less for groceries to feed your kids; it would be $40 less for the medications you depend on; $40 less to cover bills and the rent; $40 less to take care of an elder parent, or to donate to a church or a charity.

"And when gas prices are on the rise again - because as the economy strengthens, global demand for oil increases - and if we start seeing significant increases in gas prices, losing that $40 could not come at a worse time," Obama said. "One local entrepreneur named Thierry - where's Thierry? He's right here.

"He told us that $40 would cover the gas that gets him to his day job, or, alternatively, the Internet service his small business depends on. So he'd have to start making a choice - do I fill up my gas tank to get to my work, or do I give up my entrepreneurial dream. 'Forty dollars,' he wrote, 'means a heck of a lot,'" the president added.

When President Obama entered the White House in January 2009, the city average price for one gallon of regular unleaded gasoline was $1.79. Five months later in June, unleaded gasoline was $2.26 per gallon, an increase of 26 percent. By December 2011, the price of regular unleaded gas per gallon was $3.28, an 83 percent increase from January 2009.

.

---


Pope Francis: end world hunger through 'Prayer and Action'


2014 - Distributed by THE NEWS CONSORTIUM

Pope Francis Prayer Intentions for July 2014
Sports:
That sports may always be occasions of human fraternity and growth.
Lay Missionaries: That the Holy Spirit may support the work of the laity who proclaim the Gospel in the poorest countries.



Comments


More Business & Economics

LUMP OF COAL - LITERALLY! Coal companies pushed to brink of insolvency by Obama policies Watch

Image of The very fuel that fed the Industrial Revolution and powered U.S. growth for much of the past century, the coal industry finds itself on the brink of insolvency, with many companies going out of business.

By Catholic Online (NEWS CONSORTIUM)

Dealing with cheap natural gas and tighter regulation, the U.S. coal industry has fallen on hard times. The very fuel that fed the Industrial Revolution and powered U.S. growth for much of the past century, the coal industry finds itself on the brink of ... continue reading


The poor getting power in U.S. - typical household is now worth a third less Watch

Image of The old saw goes that when only a few people are winning and more than half the population is losing, surely something is amiss.

By Catholic Online (NEWS CONSORTIUM)

The rich get richer - and the poor have children. But seriously, folks, the poor is getting even poorer in the United States. Recovery from the last big recession in 2007, hasn't really taken off as of yet. Recent studies show that the average American ... continue reading


HAIL BRITANIA! Britain declared fastest growing economy in developed world Watch

Image of Britain is now

By CNA/EWTN News

There will always be an England, as the old song goes. While the United Kingdom has experienced highs and lows, it's always recovered - and prospered. This was born out by the recent news that Britain will be the best performing major economy in the developed ... continue reading


Amazon sits on slippery slope as investors pull out from company Watch

Image of Amazon, despite constant reinvestment into technology like smartphones and drones, continues to lose investors and profits.

By Catholic Online (NEWS CONSORTIUM)

Amazon lost over $16 billion in value on the night of July 26, a sign that investors were growing weary of the retail giant's repeated failures to make a consistent profit. LOS ANGELES, CA (Catholic Online) - This was Amazon's largest quarterly loss in two years, ... continue reading


The buck does stop here: Chinese currency set to close the gap between it and the dollar Watch

Image of A new study from China indicates that the Chinese yuan is likely to become the third most used international currency by 2019.

By Catholic Online (NEWS CONSORTIUM)

China's currency, the renminbi (RMB), is looking to become the third-largest international currency behind the U.S.'s dollar and the euro by 2019 said the Renmin University of China in a report published on July 20. LOS ANGELES, CA (Catholic Online) - Last year, ... continue reading


Financial consultant warns that U.S. is entering third largest stock bubble Watch

Image of A new study by financial consulting firm Smithers & Co. warns that the U.S. is entering another major stock bubble, the third largest in U.S. history.

By Catholic Online (NEWS CONSORTIUM)

A new research report by financial consultant Andrew Smithers, chairman of Smithers & Co., suggests that the U.S. is in the midst of another stock-market bubble, much like the bubbles in 1853, 1906, 1929, 1969 and 1999. LOS ANGELES, CA (Catholic Online) - ... continue reading


WARNING: The most important article you may ever read - We need a moral revolution at the top, before pitchforks appear in the street Watch

Image of In the game of plutocracy you start by owing money to the bank and as it progresses, you owe more.

By Marshall Connolly, Catholic Online (NEWS CONSORTIUM)

An article published in 2011 in Forbes is making the rounds again and people are talking, but despite the dust on the copy, it's a timely conversation. The article by Brendan Coffey reveals that there are four companies that control 147 other companies and those 147 ... continue reading


U.S. to shortly overtake Saudi Arabia, Russia in production of natural oil Watch

Image of In Texas and North Dakota, oil extraction is soaring at shale formations as companies split rocks using high-pressure liquid in a process known as fracking.

By Catholic Online (NEWS CONSORTIUM)

The United States has often found itself at the mercy of unstable nations for the majority of its oil imports. That day may soon be past after American begins the extraction of energy from shale rock, eventually overtaking both Saudi Arabia and Russia in oil ... continue reading


Unemployment among black Americans twice that among whites Watch

Image of The jobless rate among whites last month was 6.6 percent; among blacks, 12.6 percent. The unemployment rate for blacks has averaged about 2.2 times that for whites.

By Catholic Online (NEWS CONSORTIUM)

When African-Americans marched on Washington in 1963, it was under the banner of "Jobs and Freedom." There remains a great inequity with the former; the number of unemployed blacks in America remains twice as much as whites, and has remained that way for ... continue reading


Don't read this if you enjoy shrimp -- and hate slavery Watch

Image of Forced to work on old fishing boats, slaves work 20-hour days, often with drugs to keep them going. They are not paid, having been bought and sold into the industry.

By Catholic Online (NEWS CONSORTIUM)

A shocking investigative report from The Guardian reveal that virtually all shrimp harvested in Thailand is in some way a product of slave labor, and that much of this shrimp ends up in the mainstream food supply chain. If you eat shrimp, it is likely you are consuming ... continue reading


All Business & Economics News

Newsletters

Newsletter Sign Up icon

Stay up to date with the latest news, information, and special offers

Daily Readings

Gospel, John 11:19-27
19 and many Jews had come to Martha and Mary to ... Read More

Saint of the Day

Saint of the Day for July 29th, 2014 Image

St. Martha
July 29: "Jesus loved Martha and Mary and Lazarus." This unique ... Read More

Inform, Inspire & Ignite Logo

Find Catholic Online on Facebook and get updates right in your live feed.

Become a fan of Catholic Online on Facebook


Follow Catholic Online on Twitter and get News and Product updates.

Follow us on Twitter