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Negotiators Reach Tentative Payroll Tax Cut Pact

Congress
Dave Huss, Getty Images

House and Senate negotiators have reached tentative agreement on renewing a payroll tax cut that delivers about $20 a week to the average worker. They hope to send the legislation to President Barack Obama as early as this week.

Under the outlines of the emerging agreement, a 2 percentage-point cut in the Social Security payroll tax would be extended through the end of the year. Jobless benefits for the long-term unemployed would be renewed as well, and doctors would be saved from a big cut in their Medicare payments.

The deal would not only be a win for Obama but would take the payroll tax fight — which had Republicans on the defensive — off the table for the fall election campaign.

 

(Copyright 2012 by The Associated Press.  All Rights Reserved.)

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