Obama signs 2-month payroll tax cut extension

(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

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.

advertisement | advertise on News 12

Trending Video

VIDEO: Rally held to support sick leave legislation 1 VIDEO: Rally held to support sick leave legislation
Troy Ramey of Sea Cliff competes on NBC's 2 Long Islander competes on 'The Voice'
Caleb 'Kai the hitchhiker' McGillvary tells News 12 3 Lawyer files motion to dismiss murder charges against viral video star
4 New Jersey Sportscast, March 27
News 12 hit the streets of Brooklyn to 5 Word on the Street: Leggings on a plane

advertisement | advertise on News 12

Features

It's good to know you have Walt Kane Kane in Your Corner

It's good to know you have Walt Kane in your corner.

News 12 takes a look at the hottest Tech Check

Eric Landskroner has a look at the latest gadgets and biggest stories in tech.

News 12 On the Scene

Check out these exclusive videos from New Jersey celebs!

Sorry to interrupt...

Your first 5 are free

Access to News12 is free for Optimum, Comcast®, Time Warner® and Service Electric℠ video customers.

Please enjoy 5 complimentary views to articles, photos, and videos during the next 30 days.

LOGIN SUBSCRIBE