Congress Passes Two-Month U.S. Payroll Tax-Cut Extension
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The U.S. Congress passed a two-month payroll tax-cut extension eight days before its scheduled expiration after House Republicans dropped their objections under growing political pressure.
“This is some good news, just in the nick of time for the holidays,” said President Barack Obama, who signed the legislation. “When Congress returns I urge them to keep working without drama, without delay, to reach an agreement” on extending the tax cut for all of 2012, he said.