Obama Speaks On Payroll Tax Cut Extension Passed By Senate

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WASHINGTON -- President Barack Obama plans to deliver a statement Saturday following the Senate vote to approve legislation extending a Social Security payroll tax cut and long-term jobless benefits for two months.

The measure includes a provision pushed by Republicans that would pressure the White House to make a quick decision on approving construction of an oil pipeline from Canada to Texas that would create thousands of jobs.

The White House has said the president would sign the tax cuts extension because it met his test of "preventing a tax increase on 160 million hardworking Americans" and avoiding damage to the economy recovery.

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