Obama Finally Scores Coveted Win on Payroll Tax
The $143 billion payroll tax cut won by President Barack Obama may be the last significant measure he receives from a deeply divided Congress as Election Day approaches.
Obama’s coveted renewal of the payroll tax cut for 160 million workers and jobless benefits for millions more caps a five-month campaign-style drive against reluctant GOP lawmakers.
Under the bill, workers will continue to receive a 2 percentage point increase in their paychecks, and people out of work for more than six months will keep jobless benefits averaging about $300 a week.
Obama says these steps will help support a fragile recovery from the worst economic downturn since the Great Depression.
(Copyright 2012 by The Associated Press. All Rights Reserved.)