Payroll tax deal reached

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Thursday, February 16, 2012

Negotiators reached an agreement on legislation to renew a payroll tax cut that will affect 160 million workers.

Sen. Max Baucus, D-Mont., announced the agreement, capping a long day of wrangling over final details of the measure, which is a top priority of President Barack Obama. The announcement paved the way for votes in both House and Senate this week.
The $150 billion measure represents a tactical retreat for Republicans, who were generally unenthusiastic about the legislation but eager to move beyond the issue. With the campaign season starting, they don't want Obama and Democrats in Congress to be able to claim that the GOP was standing in the way of a middle-class tax cut.
It represented a rare burst of bipartisanship in a bitterly divided Congress.

Read more at NBC.

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