Senate Dems to Pitch New Tax Plan

Time is ticking for the Senate to overcome an impasse over payroll taxes and unemployment benefits. On Fox News Sunday, Democratic Sen. Kent Conrad of North Dakota said that Senate Majority Leader Harry Reid would be introducing a new “compromise” soon, though he declined to give many details. Since the GOP initially balked at covering the costs of the package with a surtax on wealthy Americans, Conrad said that this new plan would be paid for “in a way that’s credible and serious.” Both parties said that a deal to extended unemployment benefits is likely to be reached soon. But if the chamber doesn’t take action by Dec. 31, payroll taxes will go up for millions of Americans.