Deal to extend payroll tax cut, extra jobless benefits near completion

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Congressional leaders are close to closing a deal Wednesday that would extend a payroll tax cut and extra jobless benefits through 2012.

Details in the bipartisan agreement still need to be worked out though, a Star Tribune article said. Both sides felt that the agreement was probably the best deal they could get.

House Republicans said they would offer a bill to extend the $100 billion payroll tax rollback for millions of working Americans without requiring spending cuts. The package will block a 27 percent cut in doctor's Medicare reimbursements that are to occur on March 1.

"I do expect, if the agreement comes together like I expect it will, the House should vote this week," House Speaker John Boehner said.

A vote would most likely happen by Friday, a New York Times article said, before Congress will recess for a week.

House Minority Leader Nancy Pelosi, D-Calif., said Democrats were pleased the package will extend the payroll tax cut and extra jobless benefits. She feels that the agreement status is "way down the road" from where it was a few days ago.

Senate Finance Committee Chairman Max Baucus, D-Mont., said there were "just a couple of little wrinkles" left to be resolved Wednesday.

Lawmakers said the details of the savings to be used to pay for about $50 million of the roughly $150 million package still need to be determined.

"I think a lot of people realize Congress is not enjoying a great reputation," Baucus said. "Both sides recognized the need to get this done," he said.

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This page contains a single entry by tabbe019 published on February 15, 2012 10:55 AM.

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