The Payroll Tax Debate Is Over, For Now

After a tense week of gridlock, House Republican leaders accepted the Senate's two-month extension to the payroll tax reduction. The Senate bill does not include a federal pay freeze or an increase in employee contributions to the federal retirement system. Congress will convene today for a House and Senate conference to approve the plan. It will renew expiring payroll tax cuts for every worker, extend unemployment benefits for millions of Americans and prevent doctors from absorbing cuts in Medicare payments. The temporary plan pays for the extensions with fees to Fannie Mae and Freddie Mac