WASHINGTON — President Obama signed off on DC politics with an “aloha” yesterday after wrapping up a bruising year by snatching a victory from Republicans who approved a two-month payroll-tax-cut extension.
Having gotten his early Christmas present, Obama jetted off on Air Force One to join his family in Hawaii immediately after signing legislation that extends the tax cut, amounting to about $1,000 per year for the average family.
The House and Senate yesterday passed the bill separately by “unanimous consent” in almost empty chambers — with most members already on vacation — after House Speaker John Boehner and his Republicans caved by accepting the short-term extension and a face-saving provision to set up talks on a longer-term plan.
“This is some good news, just in the nick of time for the holidays,” Obama told reporters before flying off to join wife Michelle and daughters Sasha and Malia on vacation.
The president said he was pleased that lawmakers were able to “get it done” and called on Congress to “keep working, without drama, without delay,” to extend the cuts through 2012.
The measure, with a price tag of $33 billion, keeps the payroll tax at 4.2 percent. Had Congress failed to act, it would have gone up to 6.2 percent.
The law also extends expiring unemployment benefits and includes a provision that compels Obama to decide within 60 days whether to approve the controversial Keystone pipeline that would run from Canada to Texas.
The State Department in November put off a final decision until after the presidential election — allowing Obama to duck it. Environmentalists oppose the project because of potential hazards to wildlife and drinking water, while supporters say it will produce jobs.
Some Republicans were still fuming about having to swallow the two-month tax cut rather than hold out for a yearlong deal.
Rep. Tom Price (R-Ga.) called it a “two-month punt,” saying it wouldn’t have been needed if Democrats had “been willing to do their job today.”
Key features of the payroll-tax law passed yesterday by the House and Senate:
* Retains through Feb. 29 the current 4.2% rate for Social Security payroll taxes paid by 160 million workers.
* Renews federal benefits averaging $300aweek for the long-term unemployed through Feb. 29.
* Prevents 27% cut in Medicare payments to doctors.
* Price tag of $33B.