Senate leaders reach agreement to extend payroll tax cut for 2 months

Senate leaders reached an agreement Friday to extend the payroll tax cut for two months, averting a New Year’s tax increase for millions of workers. The agreement also will require the administration to decide quickly whether to allow construction of a controversial transcontinental oil pipeline.

President Obama had demanded that Congress extend the tax holiday, but Republicans had refused to go along unless the White House agreed to an accelerated decision on the pipeline.

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John Huntsman Rick Perry Michele Bachmann Newt Gingrich Barack Obama