Payroll tax cut agreement bill may soon go to President

RICHMOND, VA (WWBT) - Your paycheck won't be going down, thanks to lawmakers.

Congressional negotiators have reached a tentative agreement on extending the payroll tax cut through the rest of the year.

If passed, the payroll tax cuts would allow the average worker to keep about $20 a week.

A two percentage-point cut in the Social Security payroll tax would be extended through the end of the year.

Jobless benefits for the long-term unemployed would be renewed as well.

Plus, medicare doctors won't be hit with a reduction in their reimbursement rate.

The payroll tax cuts wouldn't be offset by other taxes or spending cuts. Sources say that negotiators are looking at ways to pay for some provisions.

Lawmakers hope to send the bill to President Obama this week.

The payroll tax was set to expire at the end of this month. If this deal goes through it will run through the end of the year.

A house-senate conference committee could consider the proposed deal as soon as Wednesday.

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