Feb 17, 2012

News Alert: Congress Passes Extension of Payroll Tax Cut and Jobless Benefits

Breaking News Alert
The New York Times
Friday, February 17, 2012 -- 12:21 PM EST

Congress Passes Extension of Payroll Tax Cut and Jobless Benefits

With members of both parties expressing distaste at some of the particulars, Congress on Friday voted to extend payroll tax cuts and unemployment benefits. President Obama has said he would sign a bill as soon as Congress passes it.

A compromise allowing the extension of the tax holiday for the rest of the year came together quickly this week, as Republicans decided it was not politically viable to resist in an election year. It avoided an abrupt increase in payroll taxes that would have taken effect on March 1, returning them to the level of 2010.

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