Congressional leaders said late Wednesday that they had reached a tentative deal to extend the payroll tax cut; legislation likely will be ready for President Barack Obama’s signature by the end of the week.
Congress breaks for the week-long President’s Day recess next week.
The Wall Street Journal reported late Wednesday night that Rep. Dave Camp, R-Mich., said shortly after midnight that “We have reached an agreement. We’re confident that this can be concluded.”
Sen. Max Baucus, D-Mont., said, “It’s clear that we’ll have a majority of conferees sign the conference report.”
What Your Peers Are Reading
House Speaker John Boehner, R-Ohio, said in comments on Wednesday that he did “expect if the agreement comes together like I expect it will, the House will vote this week,” on a payroll tax cut extension. “We were not going to allow the Democrats to continue to play political games and raise taxes on working Americans. And so we made a decision to bring this to the table so the games would stop and we would get this work done.”
House Democratic Caucus Chairman Rep. John Larson, D-Conn., said in a briefing Wednesday morning that the imminent tax cut deal “is an enormous victory for the American people, we’re pleased to see that Americans will be getting the relief they need.” Said Larson: “Let’s hope that the Republicans can take this deal to their conference and come back and we can pass legislation.”