The White House says Obama would veto the House Republican version of a payroll tax cut extension, which also includes ‘poison pill’ provisions, such as the Keystone XL pipeline, that Obama objects to.
From the OMB statement:
Instead of working together to find a balanced approach that will actually pass both Houses of the Congress, H.R. 3630 instead represents a choice to refight old political battles over health care and introduce ideological issues into what should be a simple debate about cutting taxes for the middle class.