Topic: Harry Reid

Facing a storm of protest over online piracy legislation, Senate and House leaders said Friday they will put off further action on the measure.

House Republican leaders abruptly caved and agreed to demands by President Obama, congressional Democrats and fellow Republicans for a two-month extension of tax cuts for all workers.

President Obama again called on Congress in a televised press conference to pass the short-term payroll tax cut bill "sooner rather than later," saying he would welcome negotiations to extend the cuts after this bill is passed.

The U.S. House and Senate were "very close" to a deal on extending the payroll tax holiday and unemployment benefits when the Senate called off talks and went home, House Majority Leader Eric Cantor told CNBC Wednesday.

An extension of the payroll-tax cut was in serious jeopardy Tuesday as the House and Senate refused to negotiate a compromise that affects 160 million Americans.

Scheduled to vote today, the House of Representatives is contentiously debating a Republican proposal that rejects a two-month extension of the payroll tax cut and unemployment benefits.