By ANDREW TAYLOR, The Associated Press
The Senate has approved a two-month extension of a cut to the Social Security payroll tax and jobless benefits for the long-term unemployed.
It’s a partial victory for President Barack Obama’s year-end jobs agenda.
Democratic and GOP leaders went with just a short extension after failing to agree on big enough spending cuts to pay for a full-year renewal of the payroll tax cut.
The 2 percentage point tax cut affects 160 million taxpayers. The weekly jobless payments average about $300 for millions of people who have been out of work for six months or more.
The measure was approved by an 89-10 vote during a Saturday session.
It also contains a provision demanded by Republicans to pressure Obama into approving construction of a Canada-to-Texas oil pipeline that promises thousands of jobs.
Racing for the exits after a year of bitter battles, senators aimed to pass legislation Saturday that would extend a Social Security payroll tax cut and jobless benefits for just two months, delaying the next fight until February.
Democratic and GOP leaders opted for just a short extension after failing to agree on spending reductions large enough to cover a full year renewal of the 2 percentage point tax cut for 160 million workers and weekly jobless payments averaging about $300 for millions of people who have been out of work for six months or more.
The legislation is a partial victory at best for President Barack Obama, who’s being forced to accept a provision aimed at forcing construction of a Canada-to-Texas oil pipeline that promises thousands of jobs.
To read more, visit: Â http://www.businessweek.com/ap/financialnews/D9RMANOG1.htm
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