OVERNIGHT MONEY: Waitin’ on a payroll-tax-cut bill

FRIDAY’S BIG STORY

We know what you’re thinking: What are the next steps on the payroll-tax cut?

The (likely) answer: House Republicans need to actually release their concrete proposal extending the cut, after leaders’ outline of the plan won over some skeptics Thursday.

That, sources say, could happen by Friday — and would set up more showdowns next week over what has become a top December priority for the White House and congressional Democrats.

The House framework, as laid out Thursday, would combine an extension of the current 2 percent payroll-tax cut, reforms of unemployment benefits and a two-year Medicare "doc fix" with provisions trying to unstick the Keystone XL oil sands pipeline and delay the so-called Boiler MACT rules.

Meanwhile, President Obama has already threatened to turn aside any measure that tries to marry Keystone XL and the payroll tax, and Senate Majority Leader Harry Reid (D-Nev.) called the House plan a “partisan joke” today.

So in short: With a little more than three weeks until the payroll-tax cut expires, there’s likely still a fair amount of back-and-forth and gamesmanship yet to come.

WHAT ELSE TO WATCH FOR

Leaving on a jet plane: Lawmakers skedaddled out of D.C. on Thursday afternoon with a huge agenda left for next week.

ECONOMIC INDICATORS

Trade balance: The Department of Commerce releases the latest data on imports and exports of U.S. goods and services. 

Michigan sentiment: Thomson Reuters/University of Michigan Survey group puts out its report on consumer confidence.

BREAKING THURSDAY

Contrite Corzine: A diminished and contrite Jon Corzine told lawmakers Thursday that he was sorry that up to $1.2 billion in customer funds had gone missing since the financial firm he ran went bankrupt, but that he had no idea where they went.

Testifying before the House Agriculture Committee after being compelled by subpoena, Corzine painted the final days of the collapse of MF Global as a hectic race to survive, but assured lawmakers that he never authorized any violations to keep it afloat.

WHAT YOU MIGHT HAVE MISSED

— US files WTO case against China over chicken tariffs

— Issues remain as clock ticks on omnibus

— House Budget to mark up reform bill that would expand president’s budget powers

— First-time unemployment benefits hit nine-month low

Tips and feedback, This e-mail address is being protected from spambots. You need JavaScript enabled to view it

---