Payroll Tax Cuts May Expire

If Congress doesn't pass bill by year's end

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By CBS 11 News
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Story Created: Dec 22, 2011 at 9:19 AM AKDT

Story Updated: Dec 22, 2011 at 9:19 AM AKDT

160 million Americans could take a hit if lawmakers in Washington fail to reach a deal to extend popular tax cuts before the year is out.

Republicans today again called on Democrats to sit down and hammer out a deal before the payroll tax cut expires on New Year’s Day.

But Democrats are refusing until the House passes the 60-day extension they want. The one thing they do agree on: Something needs to be done before Americans feel the change in their paychecks.

Another 2 million people could lose unemployment benefits and doctors could see payments from Medicare cut 27 percent if a deal isn’t reached by the end of the year.

 

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