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Senate Strikes Deal on Payroll Tax Cut; Vote Coming Saturday

iStockPhoto/Thinkstock(WASHINGTON) -- A deal has been struck between Senate leadership for a payroll tax cut plan.

The $30-40 billion plan calls for a two-month extension of payroll tax cut and extension of unemployment benefits.

There is an inclusion of the Keystone XL oil pipeline provision, a major win for Republicans.

The bill is fully paid for without tax hikes, thanks to fees from Fannie Mae and Freddie Mac.

The Senate Democratic and Republican caucuses met Friday night to be briefed by thier leaders.Some Republican senators left their meeting quickly, happy with the inclusion of the Keystone oil pipeline.

The Senate will hold a vote on their payroll plan  at 9 a.m. Saturday.

Copyright 2011 ABC News Radio

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