Democrats abandoning millionaire surtax proposal (AP)

WASHINGTON ? Democrats are abandoning their demand for a surtax on millionaires to help finance payroll tax cuts in a sign that lawmakers are trying to broker a compromise on Congress' highest-profile year-end dispute.

Even so, there is no clear path to bipartisan agreement on the legislation, which would prevent an automatic Social Security tax hike on 160 million workers and the expiration of jobless benefits for people who have been out of work the longest. Both would occur on Jan. 1 without congressional action.

In another squabble, a shutdown of most of government looms beginning Saturday. Both parties would like to approve a compromise $1 trillion measure financing dozens of agencies through next September. But that bill has become entangled with the fight over the payroll tax legislation.

Source: http://us.rd.yahoo.com/dailynews/rss/democrats/*http%3A//news.yahoo.com/s/ap/20111215/ap_on_go_co/us_congress_rdp

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