WASHINGTON (AP) — President Barack Obama signed the payroll tax cut extension into law Wednesday, notching an election-year victory and rare bipartisan agreement in the continuing partisan battle over jobs, taxes and debt.
The $143 billion measure that Congress passed overwhelmingly on Friday continues the 2 percentage-point reduction in the tax that funds Social Security, a cut begun last year to aid the nation's struggling economic recovery. It also extends jobless benefits for between 63 weeks and 73 weeks, and averts a big cut in the reimbursements doctors get for treating Medicare patients.
The president signed the measure without ceremony Wednesday, having already celebrated its passage at an event Tuesday at the White House.
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