WASHINGTON — Negotiators in Congress have reached a tentative deal to extend payroll tax cuts and unemployment benefits without cutting fees for Medicare doctors until 2013, according to CNN.
"It's good for the country; it's very good for the country," Max Baucus, Democratic chairman of the Senate Finance Committee, told CNN.
It could take all of Thursday to solve the details and get enough support from a 20-member conference committee, divided equally between Democrats and Republicans, and includes members of the Senate and House.
After the bill is approved by the conference committee, it will have to pass both chambers of Congress before it's given to President Barack Obama to be signed into law.
The approximately $100 billion payroll tax cut has decreased how much 160 million workers pay into Social Security on their first $110,000 in earnings, according to CNN. Those workers have been paying 4.2 percent instead of 6.2 percent for the last 14 months. Someone with an annual income of $50,000 would save $83 a month.
But some members of Congress aren't pleased with the terms of the deal because it will cost the nation $100 billion this year and won't be paid for, and will add to the country's debt, according to ABC News.
The bill would also decrease the maximum number of weeks on unemployment in most states to 63, down from the current 93, according ABC News. Some states will increase the number of weeks on unemployment to 99, depending on unemployment rates.
"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," a Democratic aid close to the investigations told ABC News in an email.
The bill is expected to be introduced Wednesday and voted on in the House before the week's end, according to ABC News.