As if our nation's fiscal problems were not bad enough, the president and members of Congress have been at it again on the issue of extending payroll tax relief for 160 million Americans.
The Senate passed a two-month extension of the payroll tax cut, saying a year-long extension can be worked out later. But Republicans in the House sought to extend the cut by a full year.
Now a compromise of sorts has been reached to implement the two-month extension but to begin immediate negotiations to extend the tax relief for a full year.
There are good reasons to prefer passing the full year of tax relief quickly and not to wait for several more weeks. Individuals and businesses face needless uncertainty if all they have is a promise eventually to consider a longer extension. "Promised" cuts are not the same as enacted cuts.
So now, the latest game of chicken in Washington is over, and the American people are the losers in this unsatisfactory compromise. Fortunately, the higher payroll tax will be fended off for at least several more weeks. But if both sides agree, as they say they do, that the relief should go on for a full year, locking that in fast should be the focus.