Average Monthly Cost Of House Insurance

House GOP to reject stopgap payroll tax cut

WASHINGTON (AP) — With the Senate adjourned for the holidays, House Republicans are moving to shelve a bipartisan two-month extension of the Social Security payroll tax cut that cleared the Senate over the weekend and are demanding instead that their fellow lawmakers return to the Capitol for negotiations.

After a spate of bipartisanship last week, the combatants are back in full-throated warfare over President Barack Obama's payroll tax initiative and other expiring measures, including jobless benefits for almost 1.8 million people who will lose them next month if Congress doesn't act.

Instead of accepting a two-month stopgap Senate measure that would ensure fighting continues into February, Republicans said they would move Tuesday to set up an official House-Senate negotiating panel known as a conference committee. The Senate's top Democrat said he would refuse to negotiate until the House passes the short-term version.

Both sides insist they want to extend the provisions before a Dec. 31 deadline, but that will prove difficult. After overwhelmingly passing a two-month extension Saturday, senators raced for the exits in the belief that the House would see no alternative but to go along. The Senate isn't scheduled to resume legislative work until Jan. 23.

The Senate's short-term, lowest-common-denominator approach would renew a 2 percentage point cut in the Social Security payroll tax, plus jobless benefits for the long-term unemployed, and would prevent a huge cut in Medicare payments to doctors.

But House Republicans quickly erupted in frustration at the Senate measure, which drops changes to the unemployment insurance system pressed by conservatives, along with cuts to Obama's health care law. Also driving their frustration was that the Senate, as it so often does, appeared intent on leaving the House holding the bag — leaving it no choice but to go along.

"With millions of Americans struggling to make ends meet, it would be unconscionable for Speaker (John) Boehner to block a bipartisan agreement that would protect middle-class families from the thousand-dollar tax increase looming on January 1st," said Senate Majority Leader Harry Reid, D-Nev., who negotiated the two-month extension with Senate GOP leader Mitch McConnell of Kentucky. The 2 percentage point tax cut provides about a $1,000 annual tax cut for a typical earner making about $50,000 a year.

Ring in the New Year Resolving Your Finances - from ITbriefing.net

, Head of banking of   MoneySupermarket.com ,   said: "2011 has been an uphill struggle as increased winter fuel bills and the rising cost of living has taken its toll on many families. As the cost of Christmas kicks in, many households will be hitting their financial tipping point, with research showing** a fifth of Brits will be pushed further into debt with the cost of Christmas.

"It is imperative that consumers try and fight back, and do as much as they can to sort out their finances by, setting resolutions for themselves as we head into 2012.

"Despite the current economic climate, many Brits still make the mistake of sitting on average products which provide a low return or cost far more than they need to. Significant savings can be made by switching to a better deal and you may find it could be the best resolution you have ever made. These savings don't even require a change of lifestyle, but simply a few minutes of research to check what deal you are currently being offered, compare it to other products and change to a more competitive deal if necessary. With the nation's purse strings tightening throughout 2011, the opportunity to put some money back in your wallet must be welcomed."

Mortgages

Mortgages are the biggest single financial commitment that consumers make so homeowners should ensure they are getting the best deal possible - even a small difference in rate can greatly affect the overall monthly mortgage payment. Switching a £150,000 mortgage from the average standard variable rate (SVR) of 4.83 per cent to the current market leading two year tracker rate from first direct at 2.08 per cent would save £1,207.84 annually.

Savings

Savers had a tough year in 2011 with continuous low interest rates and high inflation giving little return on their money.

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