Possible payroll tax cut agreement reached
A deal proposed late Tuesday could be the end of long-winded payroll tax cut negotiations. The $160 billion legislation would extend tax breaks, prevent a drop in Medicare funding and continue unemployment benefits throughout the rest of the year without introducing spending cuts to pay for it.
The agreement was reached after House Republicans conceded on debates for how to fund the legislation. However, negotiators still have to formally sign off on the plan before it moves forward.
"My initial reaction is the Republicans caved because they believe that the public believes that we ought to move forward on this. I think they're right on that," minority whip Steny Hoyer told reporters, according to USA Today.
To reach an agreement, House Democrats reduced the numbers of weeks that individuals are able to receive unemployment benefits. The tentative deal allows individuals in the states with the highest unemployment rates to receive benefits for 73 weeks instead of the original 99.
A vote on the measure could go to Congress by the end of the week before a scheduled recess is set to begin. If the deal is approved, it could quickly be sent to President Barack Obama so it can be signed before the break.
The agreement was reached after House Republicans conceded on debates for how to fund the legislation. However, negotiators still have to formally sign off on the plan before it moves forward.
"My initial reaction is the Republicans caved because they believe that the public believes that we ought to move forward on this. I think they're right on that," minority whip Steny Hoyer told reporters, according to USA Today.
To reach an agreement, House Democrats reduced the numbers of weeks that individuals are able to receive unemployment benefits. The tentative deal allows individuals in the states with the highest unemployment rates to receive benefits for 73 weeks instead of the original 99.
A vote on the measure could go to Congress by the end of the week before a scheduled recess is set to begin. If the deal is approved, it could quickly be sent to President Barack Obama so it can be signed before the break.
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