Congress approves two-month payroll tax credit extension

By REUTERS
December 23, 2011 17:22

 
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WASHINGTON- The US Congress Friday completed work on a two-month extension of a payroll tax cut for 160 million American workers that otherwise would have expired on Dec. 31, wrapping up a tumultuous year of battles over spending and taxes.

The legislation now goes to President Barack Obama for signing into law. Also, congressional negotiators now will begin looking for a way to extend the lower payroll tax through 2012, as Obama has requested.

So far, Democrats and Republicans have been unable to agree on how to pay the approximately $200 billion cost of a full-year tax cut extension, along with continuing some unemployment benefits and doctor payments for Medicare healthcare patients.

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