Obama on House Rejection of Payroll Tax Break

Dec. 20 (Bloomberg) -- President Barack Obama speaks at the White House after the U.S. House of Representatives rejected a two-month extension of an expiring payroll tax cut. In a 229-193 vote, the House requested formal negotiations on a payroll tax cut extension with the Senate, where Democratic leaders say they won’t discuss a year-long agreement until the short-term deal is completed. (Source: Bloomberg)