Tags: Payroll | Tax | Obama | cut

Obama Signs 2-Month Payroll Tax Cut Extension

Friday, 23 December 2011 05:16 PM EST

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 2024 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.


Economy
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...
Payroll,Tax,Obama,cut
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2011-16-23
Friday, 23 December 2011 05:16 PM
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