KCTV sums it up:
KANSAS CITY, MO (KCTV) -The U.S. House of Representatives failed to take action Tuesday to extend the payroll tax cuts and unemployment benefits for millions.
The House rejected a two-month extension to 160 million Americans on their payroll taxes. This means if you made $50,000 annually then you'll pay about $1,000 more in taxes in 2012.
The Senate-approved bill would have allowed millions of unemployed Americans to continue receiving jobless benefits.