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Republicans retreat on payroll tax cut

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In their joint statement Monday, Boehner, Majority Leader Eric Cantor (R-Va.) and Majority Whip Kevin McCarthy (R-Calif.) announced that Republicans would unveil a bill simply extending the payroll tax cut through December. The bill is being introduced as a House-Senate conference committee is negotiating over the payroll tax holiday, as well as the extension of unemployment insurance and a fix to the Medicare reimbursement rate for doctors.

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