National News

Dec 23, 2011 1:35 PM by Associated Press (JM)

Obama signs 2-month payroll tax cut extension

WASHINGTON (AP) - President Barack Obama has signed legislation extending a payroll tax cut for two months. The action concludes an end-of-year drama that split Republicans and threatened a tax hike on 160 million Americans.

Obama acted Friday after the House and Senate approved the tax cut extension, which will maintain the Social Security tax at 4.2 percent. The legislation also extends unemployment insurance for jobless workers and forces Obama to make a decision within 60 days on whether to permit construction of an oil pipeline opposed by environmental groups.

By signing the bill, Obama capped nearly a week-long standoff with House Republicans who demanded a full-year extension. Under a deal reached Thursday, House and Senate leaders named negotiators to begin working on a longer-term bill.


(Copyright 2011 by The Associated Press. All Rights Reserved.)

»Comments

PLEASE HELP US MODERATE COMMENTS

Offensive or inappropriate comments are subject to removal. To report a comment, please e-mail us at feedback@ksby.com, and include the name of the story and information on the comment.

Thank you! KSBY.com


More News

Most Popular

Top Videos

1 2 3 4