Obama signs payroll tax holiday bill

WASHINGTON, Feb. 22 (UPI) -- U.S. President Barack Obama Wednesday signed into law the bill extending the payroll tax holiday and unemployment benefits.

The Middle Class Tax Relief and Job Creation Act of 2012 extends the reduction in employment tax rates for about 160 million American workers through the end of the year, and provides 100 percent federal funding for extended unemployment insurance benefits.

The measure delays a rate reduction for physician reimbursements under the Medicare program and extends assistance for needy families through Sept. 30, a statement from the White House press secretary said.