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.