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Payroll Tax Compromise Set for Senate Vote

Saturday, 17 Dec 2011 07:30 AM

 

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WASHINGTON — The Senate is voting on compromise legislation to extend Social Security payroll tax cuts and jobless benefits for two months — not the full year demanded by President Barack Obama.

Battling Democratic and GOP leaders failed to agree on spending cuts large enough to cover a full year renewal of the 2 percentage point Social Security tax cut for 160,000 workers, as well as weekly jobless payments averaging about $300 for millions of people who have been out of work for more than six months.

The legislation is a partial victory at best for President Barack Obama, who's being forced to give in to Republican demands for a swift decision on the fate of an oil pipeline that promises thousands of jobs.

© Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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