Senate Passes Payroll Tax Cut

    WASHINGTON - NOVEMBER 19: The U.S. Capitol is seen on November 19, 2011 in Washington, DC. The Joint Select Committee on Deficit Reduction, or super committee, which faces a Wednesday deadline to reach a deficit reduction agreement, planned to meet over the weekend. (Photo by Brendan Hoffman/Getty Images)

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    It's better than nothing. The Senate on Saturday morning passed a two-month extension of the payroll tax cut, after Republicans and Democrats failed to reach an agreement on extending it for a full year. The bill was approved 89-10, and the GOP got what it wanted: a provision to speed up a decision on the Keystone XL pipeline from Canada to the Gulf of Mexico, forcing President Obama to make a call within 60 days. It's speculated that if Obama does not grant the GOP the pipeline, it'll be near-impossible for Congress to pass a full-year payroll tax cut. The two-month extension is paid for, but the two sides still disagree on how to fund the full-year holiday, with the Republicans having successfully blocked Democratic plans for a new tax on millionaires. The battle is expected to rage on in the election year.

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