Congress Reaches Deal on Payroll Tax

    WASHINGTON, DC - FEBRUARY 15:  Speaker of the House Rep. John Boehner (R-OH) (C) speaks to members of the news media with (L-R) Rep. Cathy McMorris Rodgers (R-WA), Rep. Kevin McCarthy (R-CA), Rep. Shelley Moore Capito (R-WV) and Rep. Jeb Hensarling (R-TX) after a House Republican caucus meeting at the U.S. Capitol February 15, 2012 in Washington, DC. House Republican leaders announced that they would offer a bill on February 17 to extend the $100 billion payroll tax cut without requiring spending cuts to pay for it, extend unemployment benefits and prevent a large cut in reimbursements to doctors who accept Medicare.  (Photo by Chip Somodevilla/Getty Images)

    Chip Somodevilla / Getty Images

    A five-month battle over President Obama's jobs plan could be at an end. Congressional negotiators reached a deal on a $150 billion plan that will extend a payroll tax holiday for 10 months and unemployment benefits through the end of the year. The conference began signing the bill just after midnight, following the agreement that lawmakers would require new federal workers to contribute more to their pension plans. Republicans demanded several billion dollars in cuts to the health-care reform law in exchange for approving the bill. Democrats downplayed the significance of the cuts and touted the extension as a victory. A vote could come as early as Friday.

    Read it at The Washington Post