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Congress Extends Payroll Tax Cut

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The payroll tax cut will continue for at least two more months as Congress approved a temporary extension of the cut Friday, Reuters reported.

Both the House and the Senate unanimously agreed to the measure by quick voice votes, according to C-SPAN. The payroll tax will remain at at 4.2 percent through February. The tax would have increased to 6.2 percent on Jan. 1 if the measure had not gone through, according to Reuters.

Fees charged by Fannie Mae and Freddie Mac for guaranteeing mortgages will be increased in order to pay the $33 billion required for the cut.

Unemployment benefits were also extended and the measure postpones a cut in payments to doctors who treat patients in the Medicare program, Reuters reports.

Prior to passage, the Senate dropped a provision regarding spectrum for a national public safety network. Click here for our story on spectrum legislation.

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