The Senate has approved a two-month renewal of payroll tax cuts for every worker and unemployment benefits for millions, The Associated Press reported.
According to the news outlet, the adoption of the measure buys time for negotiations at the beginning of next year on how to pay for a year-long extension of the two percentage point payroll tax cut.
The AP reported that this move would boost the average paycheck of the average worker making an annual salary of $50,000 by up to $20 a week.
House leaders are looking to approve the measure as well, as the goal is to call up the bill using an expedited process that would not require lawmakers to return to Washington for a traditional roll-call vote, according to Fox News.
The news outlet reported that although the plan is for an ultra-quick voting process, the outcome is contingent on there being no objections from lawmakers on the floor.
President Barack Obama noted that this was the only way to ensure taxes won’t go up on January 1, according to Fox News.
“This is good news, just in time for the holidays,” Obama said in a written statement. “This is real money that will make a real difference in people’s lives.”