Temporary Payroll Tax Cut Continuation Act
Date:
December 23, 2011
Maximum Amount:
$29.30 billion
Amount Spent:
$29.30 billion
Deficit Impact:
-$2.29 billion The Temporary Payroll Tax Cut Continuation Act of 2011 extends the employee-side payroll tax cut and unemployment benefits for the first two months of 2012. The maximum number of weeks for collecting benefits is still set at 99 weeks. These provisions, along with other provisions in the bill, are offset by increased fees for Fannie Mae and Freddie Mac mortgage guarantees. Thus, the total bill is projected to reduce the deficit by $2.3 billion from 2012-2021.
Source:
Notes:
Maximum amount is total cost of the payroll tax cut and unemployment insurance provisions. Amount spent is based on CRFB extrapolation. Deficit impact comes from CBO's cost estimate of the bill from 2012-2021.