Bloomberg News

U.S. Congressional Payroll Tax Cut Conferees to Meet on Jan. 24

January 26, 2012

Jan. 19 (Bloomberg) -- The congressional conference committee charged with resolving the impasse over a payroll tax cut will meet for the first time on Jan. 24, House Ways and Means Committee Chairman Dave Camp and Senate Finance Committee Chairman Max Baucus said today.

The conference panel must decide whether and how to extend a 2 percentage point payroll tax cut for workers though 2012. Lawmakers agreed in December to extend the break through Feb. 29.

The biggest hurdle for the panel will be how to cover the estimated $100 billion cost of a full-year extension. Democrats want to pay for the bill by imposing a surtax on income over $1 million while Republicans want to freeze pay for government workers.

--Editor: Jim Rubin.

To contact the reporter on this story: Steven Sloan in Washington at ssloan7@bloomberg.net

To contact the editor responsible for this story: Jodi Schneider at jschneider50@bloomberg.net


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