Southampton - Congressman Tim Bishop supported the bipartisan compromise to extend the two percent payroll tax cut and emergency unemployment insurance benefits to the end of 2012. The tax cut will keep an additional $1,329 in the pockets of the average Suffolk County working family over the next 10 months, according to analysis by the Congressional Joint Economic Committee.

"This is necessary emergency economic relief for 160 million working families who will direct the extra money back into their local economies," said Bishop. "Extending temporary unemployment insurance to those who have lost their job through no fault of their own will also stimulate consumer spending and boost the economic recovery, while providing those individuals a bridge to re-employment."

Bishop said the agreement will also prevent a 27.4 percent drop in reimbursement rates for health providers who serve Medicare patients, ensuring seniors are able to see the doctor of their choice.

Reduced revenue for the Social Security Trust Fund will be offset by funds from the general treasury; therefore, the payroll tax cut will not affect the solvency of Social Security. However, Bishop expressed strong reservations that the cost of payroll tax cut will be added to the nation's deficit. Bishop supports a surtax on incomes over $1 million per year to defray the cost of the payroll tax cut for working families.

"Adding the cost of this necessary tax cut to the nation's deficit, rather than asking those who earn over $1 million a year to shoulder some of the burden, is neither fair nor economically sound; however, the House majority has been made it abundantly clear that this is the best deal working families can expect to receive," said Bishop. "Once again, this bipartisan compromise proves that the GOP will go to extraordinary lengths to protect the wealthiest among us at the expense of middle class families."