–Senate Majority Leader: Senate To Vote On Bill ‘As Quickly As We Can’
–Sen. Reid: Senate Vote On Payroll Deal To Follow House Vote

By John Shaw

WASHINGTON (MNI) – Senate Majority Leader Harry Reid said Thursday
that he wants the Senate to vote by Friday on the recently concluded
agreement on a payroll tax cut extension package.

In brief remarks on the Senate floor, Reid said the Senate vote on
the package will occur after the House votes on the bill.

The Senate should pass the measure “as quickly as we can,” Reid
said.

The package was wrapped up early Thursday morning.

Both the House and Senate are likely to vote on the package Friday.

House Speaker John Boehner and House Minority Leader Nancy Pelosi
will hold separate briefings shortly and are likely to outline the
House’s voting schedule on the package.

The package would extend last year’s payroll tax cut until the end
of this year and the $100 billion cost of the payroll tax cut extension
would not be offset.

The other two main items in the package would be offset: a renewal
of unemployment insurance benefits and an adjustment in the Medicare
reimbursement of doctors so that a 27% payment cut is prevented.

These two items would cost about $50 billion and will be offset
through an assortment of spending reductions.

Congress is scheduled to leave at the end of the week for a
week-long recess and congressional leaders are determined to pass the
package before departing Washington.

The payroll tax cut extension package came together after House
Republican leaders said Monday they would be willing to extend last
year’s payroll tax cut for the rest of this year without requiring
budget offsets.

The House-Senate conference committee had been working for several
weeks to draft a payroll tax cut package. Those talks focused on a $150
billion package to extend the payroll tax cut, extend unemployment
insurance benefits and prevent a deep cut in Medicare reimbursements for
doctors.

Congress passed a two month extensions of these programs which will
expire at the end of February. Both President Obama and congressional
leaders have said they want to pass a one year extension of these
programs, but the House-Senate talks stalled out over the offset package
and other policy matters such as an overhaul of the UI program.

** Market News International Washington Bureau: (202) 371-2121 **

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