Congressional Panel Agrees To Final Payroll Tax Cut Without Cutting Medicare Fees To Doctors
Washington, D.C. -
A special congressional panel has agreed to the final payroll tax cut for the rest of the year without reducing fee's that medicare pays to doctors and will be voted on today.
The panel is made up of democrats and republicans who now says the only thing left are small technical matters on how to execute it.
"It appears that we may be voting shortly on this legislation," House Minority Leader Nancy Pelosi, D-California, said Thursday morning.
"We're confident that this can be concluded ... and we're moving forward," said Michigan Rep. Dave Camp, the conference committee's top Republican.
Once approved by the committee, it still must pass both cambers of congress before reaching President Obama for his signature, which he has said he will sign. Both parties say they expect it will ultimately pass in both cambers of congress.
The bill contains roughly a $100 billion payroll tax cut saving the average American $996 a year on their paycheck. It also continues the social security deductions at the rate of 4.2% instead of the normal 6.2% on the first $110,100 in wages.
Republicans had originally been holding out on the measure until democrats agreed to a series of cuts elsewhere such as in medicare, but public support has been growing for republican to agree to the bill.