(WSJ) Lawmakers Reach Payroll-Tax Deal

Congressional leaders reached an agreement Thursday to temporarily extend a payroll-tax cut by two months and begin negotiations on a yearlong extension, aides said.

he agreement could end a political stalemate over the payroll-tax cut, which lowered Social Security taxes for 160 million Americans in 2011. Under the tentative agreement, the House will vote again on a two-month extension and the Senate will prepare to negotiate for an extension that will run through 2012.

Aides said House Speaker John Boehner (R, Ohio) has agreed to hold a new vote Friday on extending the tax cut, bowing to increasing pressure to end an impasse that threatened to leave workers with a tax increase next year.

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Posted in * Culture-Watch, * Economics, Politics, Budget, Consumer/consumer spending, Economy, Health & Medicine, House of Representatives, Labor/Labor Unions/Labor Market, Medicare, Office of the President, Personal Finance, Politics in General, President Barack Obama, Senate, Social Security, Taxes, The National Deficit, The U.S. Government