Payroll Tax Cut Extension, Unemployment Benefits Deal Near In Congress

WASHINGTON -- Congress was close to a deal to extend a popular payroll tax cut and unemployment benefits, according to several reports.

The pending agreement was expected to involve accepting an offer by the GOP-led House to extend the 2 percent payroll tax cut for 10 more months, without requiring any offsets to pay for the break.

Extending unemployment insurance and stopping a pending cut in Medicare rates paid to doctors would require $50 billion to $60 billion in cuts elsewhere in the budget, which Sen. Chuck Schumer (D-N.Y.) suggested earlier Tuesday could be found relatively easily.

Sources also told The Huffington Post they believed a deal was probably coming together, but aides in the House and Senate cautioned that it was a long way from done.

"I’m always leery of things until they’re final," said one aide.

"Seen this movie before," said another.

House Republicans still had to meet Tuesday evening to discuss the first part of the proposal. Rep. Pete Sessions (R-Texas) a senior Republican who runs the House Republican Congressional Campaign, also expressed doubts.

"The deal's not done yet ... the chicken can't grow until the egg is hatched," Sessions said. "The egg hasn't hatched yet."

Earlier on HuffPost:

Comments

[notateapartierofcourse]

02:44 PM on 02/15/2012

ffffff

[DRouss3977]

10:22 AM on 02/15/2012

I'll believe it when it passes and is signed. Mr. Weeper has NO control of his own members. Maybe, finally, the GOP realizes that the 99%ers have political clout, and the GOP smell a Democratic landslide in 2012. The GOP is trying to save face for their arrogance and stupidity for accomplishing nothing in the past 2 years.

[John Eylar]

09:53 AM on 02/15/2012

The Republicans have finally figured out that the whole "do nothing until Obama fails" has backfired. This pathetic attempt to garner favor from the voters will not help come November. The Democrats need only remind the voters of the last 2 years of tax breaks for millionaires, no to the jobs bill and no to unemployment benifits. This "see we can work together" moment is not nearly enough. Despite you attempts America is finally starting to get back on track. Start looking for a new job!!!

[vwtimmy]

09:50 AM on 02/15/2012

If I knew that 92% of my customers didn't like what I was doing, I would make some changes too. I doubt I would have waited so long to make the changes. The cons seemed to think that playing cat and mouse with a cat was a good idea.

[RonK Michigan]

09:47 AM on 02/15/2012

See all those wrinkles on Boehner's forehead - A sure sign of "folding"..........

President Obama warned them at the State of The Union, didn't he? "If you won't do it, I will".
Looks like he's FINALLY admitted to himself that they won't help no matter what he concedes, so he may as well run with the whole package.....

LOL!

GINGRICH/ROMNEY/SANTORUM
NONE AND DONE

Ronk’s Steven Wright Quote Du-Jour:
“If going to church makes you a Christian, then standing in a garage makes you a car”

[ruthtruth]

08:53 AM on 02/15/2012

The party of no is still going to play games with 160 million lives as long as they can. If the bill was something for their rich buddies it would have passed in a heartbeat.

[Dmpolis]

08:18 AM on 02/15/2012

I just love the way these morons in the congress play with people's lives .I wonder how they would like it if we had the power to debate their salary and cut off benefits. It would not even dent their living standard since they are getting paid by the 1%, big oil and so on. They think this is some kind of game they play while many will be reduced to poverty with no end in sight. I truly wish they would go to the areas where these people live and see how well they are living on the paltry check they need to survive. This stupid bantering back and forth and cutting once again the life lines for the jobless and the homeless makes me sick. and then they will tell you how religious they are and spout God Bless America. I guess they are blessing the 1% because the rest of us are not so happy.Then they have the nerve to attempt to tell us what we can and cannot do in our bedrooms.The protests will grow until they realize we the people are not having any more of this nonsense. We all know there are many reasons for this and it is to pander to the greedy who hide their profits off shore.

[ruthtruth]

08:54 AM on 02/15/2012

I'm with you, Superman. :) F&F

[mjsflash]

10:07 PM on 02/14/2012

Would the current Republican proposal mean that, effective immediately the duration of UI would be shortened?

Would Obama truly let those @73/79 weeks be cut off, no grandfather clause, no gradual phase-in? Millions to lose further benefits, the first week of March?

Or are the Republicans referencing the newly unemployed? I understand duration varies by state.

[bilo rile me]

08:05 PM on 02/14/2012

I dare the GOP to throw the workers under the bus, the workers who've produced what it takes to provide CEO extravagant salaries, as well as their rediculous bonuses, all of which have ten-year-old tax cuts of their own. HOW IN THE FLOCK are we paying for all of that? I dare them...

[williamg]

07:36 PM on 02/14/2012

Federal Old - Age & Survivors Insurance Trust Fund (January 2012):
.

GF transfers for payroll tax holiday - FICA -8,039,000,000.00
.

If you are wondering what that means, it shows that, last month, the trust fund received $8 billion from a general revenue transfer to make up for the loss of money brought in by FICA Taxes.

You can view this on page 5 here: ftp://ftp.publicdebt.treas.gov/dfi/tfmb/dfifo0112.pdf

All this talk of how a payroll tax cut affects the trust fund are just wrong.

[ausmth]

07:30 PM on 02/14/2012

Politicians are doing everything they can to protect their big contributors with the corrupt tax code! Don't you get it folks? All of these political gotcha games are being played by both sides to avoid tax reform. Real reform that has everyone paying their fair share. I don't like taxes any better than anyone else. What I really don't like is the "he who has the best accountant wins" game that is being protected by both parties! Fair tax, flat tax, or a no deduction progressive is fine with me, just end the game!

[Arugula99]

07:46 PM on 02/14/2012

oh my, the steve forbes fortune 500 flat tax. just exactly what we don't need.

[ausmth]

11:03 PM on 02/14/2012

Actually the Dick Armey version is better. A family of four wouldn't pay anything on the first 35k of income. I make under 50k and mine would drop. Buffett's would almost double. A no deduction progressive would work as well. Something similar to Obama's own debt commission plan.

[Arugula99]

07:30 PM on 02/14/2012

it's not both parties. forget that. nobody's perfect, but this is basically a republican mess everywhere you look.

[vegas kid]

07:29 PM on 02/14/2012

You can tell boener has been hitting the bottle pretty hard with those bags under his eyes, it couldn't be from staying up late working because we know that wouldn't the case

[HCLiberal]

07:28 PM on 02/14/2012

This is a blatant assault on you, TBgrs, by the Republican establishment.

Demand resignation of the Speaker.

He snookered you.

[gbp91]

09:50 AM on 02/15/2012

you mean BHO has pulled the biggest ruse in history......it is ok, when you liberals grow up you will understand adulthood

[HCLiberal]

10:16 AM on 02/15/2012

Ooooh! yur so clever. Now, go and brush yur tooth.

[HeaHea]

07:26 PM on 02/14/2012

Kill me and resurrect me, and then love me and let me live? Too done --- to DEATH!!!