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Cut in payroll tax extended to December for 160m Americans
Source: Agencies |
February 17, 2012, Friday
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Print Edition
Print Edition
A PAYROLL tax cut for 160 million Americans, set to expire at the end of this month, would be extended through December under a bipartisan deal announced early yesterday by US congressional leaders.
The accord would also renew expiring jobless benefits for millions of others and prevent a pay cut for doctors of elderly Medicare patients.
The comprehensive agreement represents a victory for US President Barack Obama and his fellow Democrats in Congress, and allows Republicans to put behind them a tax debate that could hurt them in the November elections.
Economists say the tax cut extension and renewal of jobless benefits should provide a lift to the US economy, certain to be a key issue in the battle for control of Congress and the White House in the run-up to Election Day.
"We have reached an agreement and we're moving forward," Republican Representative Dave Camp, who headed the negotiating committee, told reporters.
It was not immediately clear when the House of Representatives and Senate would vote on the deal, but lawmakers hoped to do so before they leave today for a week-long recess.
While congressional leaders announced a deal, they said a few undisclosed details had to be resolved before the agreement could be turned into a final bill. They expressed confidence this would be done quickly.
Senator Max Baucus, a lead Democratic negotiator, said: "This is very important to a lot of people: 160 million Americans are now going to maintain their payroll tax cuts (and) a lot of folks who lost their jobs through no fault of their own are going to be receiving unemployment benefits."
Their announcement capped a long day of fits and starts, political drama and high-level negotiating.
At one point, the deal seemed in jeopardy just hours after aides said it had been struck by lead negotiators.
Democrats complained that Senate Republicans were suddenly demanding that a new restriction on physician-owned hospitals had to be eased to gain their support.
Aides said some Democratic negotiators were also reluctant to sign off on the deal because of cuts in the pensions of federal workers.
The main issue was the proposed extension for 10 months of the payroll tax cut set to expire on February 29.
The accord would also renew expiring jobless benefits for millions of others and prevent a pay cut for doctors of elderly Medicare patients.
The comprehensive agreement represents a victory for US President Barack Obama and his fellow Democrats in Congress, and allows Republicans to put behind them a tax debate that could hurt them in the November elections.
Economists say the tax cut extension and renewal of jobless benefits should provide a lift to the US economy, certain to be a key issue in the battle for control of Congress and the White House in the run-up to Election Day.
"We have reached an agreement and we're moving forward," Republican Representative Dave Camp, who headed the negotiating committee, told reporters.
It was not immediately clear when the House of Representatives and Senate would vote on the deal, but lawmakers hoped to do so before they leave today for a week-long recess.
While congressional leaders announced a deal, they said a few undisclosed details had to be resolved before the agreement could be turned into a final bill. They expressed confidence this would be done quickly.
Senator Max Baucus, a lead Democratic negotiator, said: "This is very important to a lot of people: 160 million Americans are now going to maintain their payroll tax cuts (and) a lot of folks who lost their jobs through no fault of their own are going to be receiving unemployment benefits."
Their announcement capped a long day of fits and starts, political drama and high-level negotiating.
At one point, the deal seemed in jeopardy just hours after aides said it had been struck by lead negotiators.
Democrats complained that Senate Republicans were suddenly demanding that a new restriction on physician-owned hospitals had to be eased to gain their support.
Aides said some Democratic negotiators were also reluctant to sign off on the deal because of cuts in the pensions of federal workers.
The main issue was the proposed extension for 10 months of the payroll tax cut set to expire on February 29.
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