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U.S. Payroll Tax-Cut Conferees Standing Firm on Differences

Bloomberg (01/19/12) Kathleen Hunter; Steven Sloan

Congressional negotiators are refusing to move from positions that could delay discussions to extend a payroll tax cut through the end of this year. A House-Senate conference committee aimed at breaking the deadlock may convene as soon as Jan. 24. Democrats want to impose a tax on income exceeding $1 million and are warning Republicans against attempting to attach policy proposals that are not linked to the tax cut. Republicans oppose the tax on high-income earners to fund the extension, while insisting that the total $100 billion package must be offset.