Congress Reaches Deal on Payroll Tax Cuts

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It's official. Congress reached a deal Thursday morning to extend the payroll tax cuts for 160 million workers and jobless benefits for millions of unemployed Americans until the end of the year.

The legislation continues a 2 percent cut in the Social Security tax, renews unemployment benefits, and protects doctors from cuts in Medicare reimbursements.

While congressional bargainers wouldn't promise that lawmakers would approve the $150 billion measure, they appeared confident their work on the bill was, for the most part, complete.

"It's a very good deal for the country," said Sen. Max Baucus, D-Mont., who chairs the Senate Finance Committee.

"We're moving forward," said Rep. David Camp, R-Mich., who chairs the House Ways and Means Committee.

The House and Senate are expected to vote on the bill Friday.

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