House Passes Payroll Tax Cut Extension; Bill Heads to Senate

(Reuters) - The House of Representatives on Friday passed legislation to extend a tax cut for 160 million workers through December and continue long-term unemployment benefits, giving President Barack Obama a major victory.

The legislation, which would add $100 billion to the U.S. deficit and is aimed at further stimulating the economy, was approved by a vote of 293-132. It next goes to the Senate, where it is expected to pass later in the day.

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