Congress reached a tentative deal to extend three economic policies that were set to expire at the end of February, including an extension of the payroll tax credit through the end of the year. The tentative deal, which is currently under finalization, would ensure tax payers receive around $1,000 in tax breaks this year at a cost of about $100 billion that would be added to the nation’s credit card. The deal would also reduce unemployment insurance from 93 weeks to 63 weeks in some states, as well as prevent a 27 percent cut in payments to doctors who provide Medicare services.
A vote is expected to get done by the end of the week in the House of Representatives. A Democratic aid close to the negotiations wrote, “This policy ensures Americans in the economically hardest hit areas get the help they need to pay the bills and it tracks economic forecasts, which predict unemployment to be lower later in the year.”
