The House voted on Tuesday to go to conference to negotiate the differences between the House and Senate proposals to extend the payroll tax break, unemployment benefits and avert a 27% cut in Medicare physician payments. Extending the payroll tax cut for a full year ensures that taxes will not increase for the nearly 170 million Americans who pay payroll taxes, with the average working family saving $1,000 in 2012. The House's measure would extend these benefits for a full year while the Senate's plan would only provide a two-month extension. Senate Majority Leader Harry Reid has indicated that the Senate will not return to negotiate a final agreement with the House while thousands of businesses across the country have expressed concern that a short-term extension would cause significant logistical and accounting difficulties for employers. Without further action by the Senate, the payroll tax cut and unemployment benefits will expire at the end of the calendar year and the 27% cut in Medicare physician payments will go into effect.
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