Congress Votes on Payroll Tax Cut

Deal cuts emergency jobless benefits to 73 weeks, from 99.

The $145 billion payroll tax cut deal is heading toward passage in the U.S. Congress as soon as today with bipartisan support, including from many lawmakers who will be voting for ideas they oppose.

“This is real money that will make a real difference in people’s lives,” President Barack Obama said in a statement last night. “I will sign it into law” as soon as Congress passes it.

‘Fair Agreement’

House Speaker John Boehner called the deal a “fair agreement” and said he would support it.

Spending Cuts

The bill includes revenue-raising provisions and spending cuts to cover the cost of the unemployment and Medicare extensions.

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