Obama welcomes House deal on extension of payroll tax cut

U.S. President Barack Obama welcomed late on Thursday the House acceptance of a temporary extension of payroll tax cut, ending weeks of stalemate in Congress. "For the past several weeks, I have stated consistently that it was critical that Congress not go home without preventing a tax increase on 160 million working Americans. I congratulate members of Congress for ending the partisan stalemate by reaching an agreement that meets that test," said Obama in a statement. "Because of this agreement, every working American will keep his or her tax cut - about USD 1,000 for the average family. That's about USD 40 in every paycheck. Vital unemployment insurance will continue for millions of Americans who are looking for work", he added. After weeks of stalemate between Republicans and Democrats in Congress, House Republicans accepted late yesterday a temporary payroll cut. In this deal, the House would pass today the two-month extension and unemployment benefits, after the Senate already passed it last Saturday. Obama urged Congress to keep working to reach an agreement that "will extend this tax cut and unemployment insurance for all of 2012 without drama or delay". "This is good news, just in time for the holidays. This is the right thing to do to strengthen our families, grow our economy, and create new jobs. This is real money that will make a real difference in people's lives", he concluded.