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President Obama signs a two-month extension of the payroll tax cut

Friday, December 23, 2011, President Obama signed a two-month extension of the payroll tax cut memorialized in a bill passed by both the House and the Senate. House Republicans had rejected a similar bill earlier in the week, but passed the legislation after minor tweaks and mounting political pressure.

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House rejects 2-month payroll tax cut

Today, the House rejected legislation to extend a payroll tax cut and jobless benefits for two months. Read More...

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Senate Approves Two-Month Extension of Payroll-Tax Break

This morning, the U.S. Senate approved, in an 89-10 vote, a two-month extension of the payroll-tax break and federal unemployment insurance. The Senate's 89-10 vote will allow workers to continue paying a reduced 4.2% of their earnings to fund Social Security for the first two months of 2012.

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