Top lawmakers from both parties are proposing to offset the cost of extending a U.S. payroll tax cut, establishing markers for negotiations over how to prevent the break from expiring Dec. 31.
Senate Minority Leader Mitch McConnell of Kentucky hasn't said how Republicans plan to cover the forgone revenue from extending the 2 percentage point reduction in employees' portion of the Social Security tax. Arizona Senator Jon Kyl, the chamber's second-ranking Republican, said details would be available by today.
Democrats have proposed extending and expanding the tax break. The Democrats' $265 billion proposal would be offset by a 3.25 percent surtax on annual income exceeding $1 million, and a test vote is planned for this week on the proposal.
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