WASHINGTON (Indiana's NewsCenter) - On Capitol Hill today, the usually bitterly divided congress approved a bipartisan tax deal that keeps payroll taxes from going up for 160 million Americans but adds to the deficit.
The deal extends the 2% cut in payroll taxes thru 2012 to keep the rate at 4.2%. It renews $300 a week extended jobless benefits for at least 63 weeks and protects doctors from cuts in Medicare reimbursements.
The deal jacks up the deficit by 100 billion.
U.S. Rep. Paul Ryan (R) Wisconsin says, "This was an important thing to do and the American people overwhelmingly supported it. I don't think it's good that we crank up withholding right now in the middle of this economy but I don't wanna pretend that it's gonna create economic growth and jobs because I really don't think it will."
Indiana Senator Dan Coats opposed the deal saying, "This is a shell game that will weaken an already fragile social security program and add another $89 billion to the deficit."
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