Congress Reaches Deal on Payroll Tax

A five-month battle over President Obama's jobs plan could be at an end. Congressional negotiators reached a deal on a $150 billion plan that will extend a payroll tax holiday for 10 months and unemployment benefits through the end of the year. The conference began signing the bill just after midnight, following the agreement that lawmakers would require new federal workers to contribute more to their pension plans. Republicans demanded several billion dollars in cuts to the health-care reform law in exchange for approving the bill. Democrats downplayed the significance of the cuts and touted the extension as a victory. A vote could come as early as Friday.