Republicans Back One Year Payroll Tax Cut Extension

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While Republicans conceded that they would in fact support a one year extension to the payroll tax cut (several party leaders had earlier signaled they would not be on board), the party is still vehemently opposed to Democratic plans to pay for the measure via a surtax on millionaires and billionaires.

So while both parties in the Senate agree on extending the tax cut, marked progress in its own right, Democrats and Republicans will still clash over the issue before the holiday recess. Reuters has more here.

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