Payroll tax cut: US Congress 'reaches deal'

[dipsydoodle]

A US congressional panel is reported to have reached a tentative deal on extending a payroll tax cut, ending weeks of uncertainty.

The deal would extend the tax cut until the end of 2012, adding $100bn (£65bn) to the US deficit.

Agreement came after Republicans dropped calls for spending cuts to offset the expense, and Democrats put aside requests for other tax breaks.

The payroll tax sparked an impasse in Congress at the end of 2011.

http://www.bbc.co.uk/news/world-us-canada-17036611

NB If this isn't LBN please just say and I will self delete.

[dixiegrrrrl]

1. Unbelievable.

[DUIC]

2. Until Boehner checks with his radical base

Can't wait to see how Boehner spins this in the coming days.

[DJ13]

3. Its a shame they didnt resurrect the Making Work Pay credit instead

That program was far more helpful to the working poor who need the help than the few extra dollars each paycheck the payroll tax cut provides.

[dipsydoodle]

4. House leaders praise emerging payroll tax cut deal

WASHINGTON (AP) -- Congressional leaders of both parties praised an emerging deal Wednesday to extend a payroll tax cut and extra jobless benefits through 2012, but cautioned that bargainers still had to nail down final details.

The rare, bipartisan consensus reflected a desire by both parties to put the long-running drama over the issue to rest and a shared sense that their tentative agreement was probably the best deal they could get. The pact came together after House Republicans conceded that the roughly $100 billion payroll tax cut would not have to be paid for with spending cuts.

"I do expect, if the agreement comes together like I expect it will, the House should vote this week," House Speaker John Boehner, R-Ohio, told reporters.

House Minority Leader Nancy Pelosi, D-Calif., said Democrats were pleased that the package will extend the payroll tax cut and extra jobless benefits and block a 27 percent cut in doctors' Medicare reimbursements. Without action, the tax cut, added unemployment benefits and current rate of Medicare benefits would otherwise expire March 1.

http://hosted.ap.org/dynamic/stories/U/US_PAYROLL_TAX?SITE=ILMOL&SECTION=HOME&TEMPLATE=DEFAULT

[appleannie1]

5. Did Boner get permission from Cantor for that? I doubt it so we will have to wait and see.