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Democratic Bill Offsets Payroll Tax Cut With Fannie, Freddie Fee

Democrats in the U.S. Senate are proposing to raise the fees Fannie Mae and Freddie Mac charge to lenders to offset the $185 billion cost of extending and expanding a payroll tax cut for workers into 2012, according to a summary released by Senator Robert Casey.

The legislation would also impose a 1.9 percent surtax on income over $1 million, which is lower than a 3.25 percent surtax Democrats had previously proposed.

To contact the reporter on this story: Steven Sloan in Washington at ssloan7@bloomberg.net

To contact the editor responsible for this story: Mark Silva at msilva34@bloomberg.net

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