(Story updated at 3:45 p.m. ET.)
President Barack Obama on Friday signed a payroll tax-cut bill that averts a 27.4% cut in Medicare physician reimbursement.
The House of Representatives this morning approved the Temporary Payroll Tax Cut Continuation Act of 2011 by unanimous consent. The law prevents the cut in Medicare physician reimbursement by freezing federal payments to physicians at their current rates for two months.
Moments earlier, the Senate approved the measure, which also extends for two months a middle-class payroll tax cut, unemployment insurance and the nation's primary welfare program, Temporary Assistance for Needy Families. The legislation also includes a change that House Republicans wanted on the bill the Senate approved last weekend to help businesses implement the two-month tax change.