WASHINGTON, Dec 5 (Reuters) – The U.S. Congress is
rushing to complete work on several issues affecting Americans’
pocketbooks before lawmakers adjourn for the year.

Topping the list for many is a payroll tax break set to
expire on Dec. 31. If it is not renewed, a typical family in
the United States would see their taxes increase by about
$1,000 next year.

WASHINGTON (Reuters) – Senate Majority Leader Harry Reid hopes to get a vote this week on a “compromise” to extend a popular payroll tax cut set to expire at the end of this month, a Democratic aide said on Monday.

According to the aide, who asked not to be identified, the new proposal pares back a Democratic plan rejected last week. It no longer would give employers a reduction in their 6.2 percent payroll tax. But like the previous version, it would cut workers’ tax to 3.1 percent, from the current 4.2 percent.

WASHINGTON (Reuters) – Senate Democrats plan to offer a new proposal on Monday to extend a popular payroll tax cut amid signals that Republican leaders would accept a compromise that covers the cost to the federal Treasury.

Senate Budget Committee Chairman Kent Conrad, a Democrat, said that the offer would be a “serious attempt to move this ball forward,” and avoid a December 31 expiration of the popular tax cut.

WASHINGTON (Reuters) – The Senate on Thursday defeated competing payroll tax cut extension plans by Democrats and Republicans, clearing the way for negotiations on compromise legislation that could boost the economy next year.

In late-night votes, the Senate, as expected, defeated a Democratic plan that would have extended and expanded the payroll tax cut that is scheduled to expire on December 31.

WASHINGTON (Reuters) – The top Republican in Congress said on Thursday that extending a payroll tax cut for workers would boost the U.S. economy, putting himself at odds with members of his party who are skeptical of its benefits.

Minutes after declaring “I’m not an economist. I don’t know what kind of impact it’s going to have,” Speaker of the House of Representatives John Boehner said renewal of the tax cut would be economically beneficial.

WASHINGTON (Reuters) – In a political test of the spirit of Christmas, warring Democrats and Republicans in the Senate are getting ready to exchange holiday gifts.

No one predicts that the Senate’s first-ever “Secret Santa” gift exchange, set for mid-December with a $10-per-present limit, will unleash unprecedented bipartisan tidings of comfort and joy.

WASHINGTON (Reuters) – U.S. lawmakers abandoned their high-profile effort to rein in the country’s ballooning debt on Monday in a sign that Washington likely will not be able to resolve a dispute over taxes and spending until 2013.

The admission of defeat by Republicans and Democrats on a 12-member congressional “super committee” is likely to cement perceptions among voters and investors that politicians are too divided to tackle trillion-dollar budget deficits and a national debt that now is roughly equal to the U.S. economy.

WASHINGTON (Reuters) – Lawmakers abandoned their high-profile effort to rein in the country’s ballooning debt on Monday in a sign that Washington likely will not be able to resolve a dispute over taxes and spending until 2013.

The admission of defeat by Republicans and Democrats on a 12-member congressional “super committee” is likely to cement perceptions among voters and investors that politicians are too divided to tackle trillion-dollar budget deficits and a national debt that now is roughly equal to the U.S. economy.

WASHINGTON (Reuters) – After months of talks, the high-profile congressional effort to rein in the ballooning U.S. debt is expected to end in failure on Monday with negotiators announcing they could not bridge deep divides over taxes and spending cuts to reach a deal.

The Republican and Democratic leaders of a 12-member congressional “super committee” are set to declare defeat in a joint statement later on Monday. They failed to find enough common ground on a package of at least $1.2 trillion in deficit reduction over 10 years.

WASHINGTON (Reuters) – Washington’s most ambitious effort in years to come to grips with its mounting debt is set to end with a whimper on Monday as negotiators plan to announce they have failed to reach a deal.

The Republican and Democratic leaders of a 12-member congressional “super committee” are set to declare defeat in a joint statement to be released after three months of talks failed to bridge deep divides over taxes and spending.