Senate Sets Stage for Final Passage of U.S. Payroll Tax Cut

The Senate set the stage for final passage of a two-month U.S. payroll tax cut extension after House Republicans surrendered on whether to endorse the measure.

The House plans to clear the bill later today for President Barack Obama’s signature. It would extend through February a two-percentage-point payroll tax cut, continue expanded unemployment benefits and head off a reduction in Medicare payments to doctors. Both chambers are using unanimous consent to approve the measure, meaning that lawmakers won’t have to return to Washington during the holiday recess. They plan to negotiate on a longer-term plan in the new year.