Congress passes payroll tax cut extension

The Senate vote came with no debate and only about 45 minutes after the House passed the bill by a vote of 293 to 132.

The support in the House was bipartisan, with 147 Democrats and 146 Republicans voting for the bill, while 41 Democrats and 91 Republicans opposed it.

Speaking at the Boeing plant in Everett, Wash., President Barack Obama celebrated the bill's passage, saying, "I'm going to sign this bill right away when I get back home," adding, "I want to thank members of Congress for listening to the voices of the American people."

Passage of the bill came after weeks of negotiations among congressional leaders over how, or if, the extensions would be paid for.

The payroll tax cut alone will cost $94.5 billion, according to the CBO.

A worker making $50,000 a year would pay $2,100 in Social Security taxes this year, instead of $3,100 if the tax were at its normal 6.2 percent level. The lost revenue for Social Security benefits will be replaced by drawing money out of general tax revenue, adding to the budget deficit.