Comparison of House, Senate payroll tax cut bills
Highlights of legislation renewing payroll tax cuts, jobless benefits approved by the House and Senate:
House bill, approved last Tuesday:
--Price tag over $180 billion.
--Keeps this year's 4.2 percent Social Security payroll tax rate paid by 160 million workers through the end of 2012, instead of rising to 6.2 percent on Jan. 1.
--Extends expiring benefits for the long-term jobless through 2012, but at a maximum of 79 weeks coverage, less in some cases, well below this year's 99-week limit. Revamps program to require beneficiaries without high school diplomas to seek an equivalent degree; lets states test applicants for illegal drug use.
--Prevents 27 percent cut in Medicare payments to doctors for 2012.
--Blocks Obama administration rule curbing pollution from industrial boilers; extends tax break for businesses buying equipment for 2012.
--Requires President Barack Obama to approve the Keystone XL oil pipeline within 60 days unless he declares the project would not serve the national interest.
--Paid for by extending current pay freeze on civilian federal workers another year through 2013 and requires them to contribute more toward their pensions; raises fee
Senate bill, approved Saturday:
--Price tag $33 billion.
--Extends 2-percentage-point cut in Social Security payroll tax through Feb. 29.
--Renews benefits for the long-term unemployed at current levels through Feb. 29, no other changes in program.
--Prevents 27 percent cut in Medicare payments to doctors; extends other health care fees through Feb. 29.
--Same provision on Keystone as House.
--Paid for by increasing home loan guarantee fees charged to mortgage lenders by Fannie Mae, Freddie Mac and the Federal Housing Administration by one-tenth of 1 percentage point. The fee is passed on to home buyers and will apply to many new purchases and refinancings starting Jan. 1.