Senate Advances Tax Bill Extending Unemployment Benefits, Decreasing Payroll Taxes

As expected, the contentious tax compromise bill (H.R. 4853) cleared a procedural hurdle on Monday when the Senate secured enough votes to invoke cloture and move the measure closer to a final vote. Among other things, the bill would extend expanded unemployment insurance benefits through 2011, and cut payroll taxes by 2 percentage points to 4.2 percent. By a margin of 83-15, the Senate voted in favor of the measure, enough to thwart a potential filibuster. A final Senate vote is expected to occur on Tuesday. If approved as anticipated, the legislation would then move to the House of Representatives, where it will face a tougher reception.

Update:  On Wednesday, the Senate approved the measure by a vote of 81-19.

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