February 17th, 2012
12:01 PM ET

House passes payroll tax cut deal

The House of Representatives passed a bipartisan deal Friday morning extending the payroll tax cut and unemployment benefits while also avoiding a Medicare fee cut for doctors for the rest of the year.

The measure was approved in a 293-132 vote. A majority of both Republicans and Democrats voted in favor of the bill, though 91 Republicans and 41 Democrats voted no.

The Senate is also expected to pass the bill Friday.

President Barack Obama has promised to sign the legislation as soon as it reaches his desk, ending debate on the politically sensitive measures at least for the duration of the election.

The roughly $100 billion payroll tax cut, a key part of Obama's economic recovery plan, has reduced how much 160 million American workers pay into Social Security on their first $110,100 in wages. Instead of paying in 6.2%, they've been paying 4.2% for the past year and two months - a break worth about $83 a month for someone making $50,000 a year.

Without congressional action, all three measures are set to expire at the end of February.

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soundoff (8 Responses)
  1. saywhat

    Year of The Election.

    February 17, 2012 at 1:18 pm | Report abuse |
    • banasy©

      Don't you find it amazing that they can come to a compromize NOW when they haven't been able to for the last 3 years?
      Electability might even be more assured if the art of compromise were displayed more often...

      February 17, 2012 at 1:40 pm | Report abuse |
  2. chrissy

    Lol @ banasy, Congress bound to see their ratings reached and all time low!

    February 17, 2012 at 2:00 pm | Report abuse |
  3. chrissy

    One thing that wasnt mentioned publicly is how much its going to affect these people when it comes time to collect their social security benefits. Also how much is it going 2 cost for the mandatory drug screening of people recieving unenjoyment? Who pays?

    February 17, 2012 at 2:06 pm | Report abuse |
  4. Jeff Frank (R-Ohio) "The Lunatic Fringe"

    Beef bologna sandwiches in my lunchbox. Mmmmm. 😉

    February 17, 2012 at 2:43 pm | Report abuse |
    • banasy©

      Random! 😉

      February 17, 2012 at 2:53 pm | Report abuse |
  5. bobcat (in a hat) ©

    I want to see how the house majority is going to spin this in their attempt to take credit for it.

    February 17, 2012 at 5:23 pm | Report abuse |
  6. dazzle ©

    Test Post

    February 18, 2012 at 12:55 am | Report abuse |