Senate Finance Committee Chairman Max Baucus said lawmakers may have to agree to an extension of a payroll tax cut for workers that falls short of a full year if they can't reach a deal on covering the measure's cost.
“If we cannot agree on the pay-for, we might have to look to other options for the payroll tax,” such as not extending the tax cut “for the full time,” Baucus said today at a conference committee meeting in Washington.
House and Senate negotiators are seeking to extend the two- percentage point reduction in the payroll tax for workers through 2012, which would cost the Treasury about $100 billion. Lawmakers in December passed a two-month extension of the tax cut, which expires Feb. 29, because they couldn't agree on how to finance a longer continuation.
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