Gingrich Slams Two-Month Payroll-Tax Deal

COLUMBIA, S.C. -- Republican presidential candidate Newt Gingrich called the two-month payroll-cut extension a complete failure in leadership by both President Barack Obama and Congress.

"We need a long-term plan for jobs and economic growth, not short two-month Band-Aids. We must move now to cut taxes, reduce regulations, fully utilize America's energy resources and take steps to stabilize the value of the dollar," Gingrich said in a statement released Friday afternoon.

Congress passed and Obama signed the legislation earlier Friday that would extend for two months the tax cut extension to 160 million workers Friday.