After a lot of political dancing, arguing, and tomfoolery, it looks like Congress has extended the payroll tax cut  for another two months as they work towards a yearlong agreement. The Senate passed, with bipartisan support, a bill two weeks ago that extended the payroll tax cut for two months, extended unemployment benefits, and an adjustment to Medicare payments to doctors. The Republican controlled House, led by Speaker John Boehner, was seeking to add provisions for a transcontinental oil pipeline and change how the cut would be paid for. Eventually Republicans acquiesced and a bill was passed in the House by unanimous consent and signed into law by President Obama last Friday.
So for two months, we’ll continue to enjoy the 2% payroll tax cut  we’ve been getting all this year.