Senate Majority Leader Harry Reid (D-Nev.) on Thursday said work has to be completed on the so-called tax extenders bill before the weekend to keep a 21 percent cut in Medicare payments to doctors from taking effect. 

"We've cried wolf for the last time. It [the 21 percent cut] will go into effect over the weekend," Reid said, adding, "Everyone on both sides of the aisle should understand the time to sit back and say, 'we'll work out something later,' that time isn't going to be here. We've [got] to do something today, tomorrow at the latest." 

Senate Minority Leader Mitch McConnell (R-Ky.) on Thursday urged his Democratic colleagues to support a substitute amendment to the so-called tax extenders bill authored by Sen. John Thune (R-S.D.) that will be voted on later in the day.

Thune's bill accomplishes many of the Democratic priorities on taxes and spending, but it is fully paid for. The Democratic alternative adds approximately $60 billion to the deficit.

McConnell cautions that opposition to the Thune bill would go against public sentiment on deficit spending.

House members on Wednesday received a letter signed by 232 organizations urging them to oppose the Disclose Act.

Spirit Airlines and the union representing striking pilots reached a tentative agreement Wednesday.

The Florida-based airline said on its website it will start flying again Friday, nearly a week after pilots walked out over a salary dispute.  

The Air Line Pilots Association announced the deal Wednesday afternoon and said details were still being worked out on an agreement, but final negotiations were expected to move along smoothly. Details of the accord weren't available. 

The strike began last Saturday and negotiations re-started Tuesday. 

Spirit and its pilots have spent nearly three years trying to work out a deal on raises. Although the airline had offered more money, the pilots argued that pay was lower than their discount-airline counterparts such as AirTran and JetBlue Airways. They complained that they would have to fly more to get extra money and the increases were spread out beyond the proposed five-year contract. 

The strike unexpectedly grounded Spirit, leaving stranded the approximately 16,000 people they fly daily. 

The House is expected to complete work Thursday on legislation that creates a $30 billion fund to boost lending to small businesses struggling to get credit. 

The measure, which is designed to help small businesses hire and expand operations during the economic downturn, was briefly delayed when it headed back to the House Rules Committee Wednesday for minor technical tweaks to a couple of amendments. 

The legislation is set for floor action Thursday, according to a Democratic aide. 

The $30 billion fund could provide as much as $300 billion in lending to small businesses, according to the Independent Community Bankers Association. 

Banks will less than $1 billion in assets could receive capital investments up to 5 percent of their risk-weighted assets. Those with between $1 billion and $10 billion in assets could receive up to 3 percent. 

House Education and Labor Committee Chairman George Miller (D-Calif.) on Wednesday blasted Senate Democratic leaders for dropping from the so-called tax extenders bill a provision requiring 401(k) fees to be disclosed to investors and refusing to name the senators who oppose the measure. 

"They've indicated that there is always some mysterious senator who says that they can't vote for this provision," Miller said, adding, "You're never really able to trace that phantom down, but that becomes the basis on which to drop this provision [from the bill]."

The disclosure rule was included in the extender bill that passed the House, but Senate leaders jettisoned the proposal from their legislation even though it has no budgetary effect on the package. 

The Senate Finance Committee on Wednesday released a summary of changes to the tax extenders bill. 

The following has been provided by the committee: 

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Senate Finance Chairman Max Baucus (D-Mont.) on Wednesday introduced a slimmed down tax extenders bill that he hopes will garner at least 60 votes. 

"This still addresses many of the same issues as the last substitute, but it is smaller. [There] are fewer dollars involved here. And it is more paid for — the majority of this amendment is now offset. Most of the dollars spent in the amendment are offset — not by a lot." 

House leaders on Wednesday postponed votes on legislation providing greater loan opportunities to small businesses. 

The Rules Committee is expected to meet on the bill and "tweak" it, according to a committee spokesman, because there are paygo issues with the proposal.

Speaker Nancy Pelosi (D-Calif.) earlier Wednesday had expected to pass the bill from her chamber that day.