McConnell.

But he said ultimately, Congress won't let the cut expire as scheduled at the end of the year, Bloomberg reported.

Republicans don't want to pay for the cut by taxing about 345,000 millionaires at a higher rate, as Democrats have proposed.

The cut proposed by Democrats from 6.2 percent to 3.1 percent would give the average American family about $1,500 of extra income next year, Democrats said. The tax is currently set at 4.2 percent, which kept more than $110 billion in private hands.

The bill could be voted on as soon as Friday, the New York Times reported.

If for some reason Democrats and Republicans can't agree on way to pay for the cuts, they could pass legislation that's not paid for. The White House spokesman on Tuesday refused to say whether President Barack Obama would accept such a deal, the Associated Press reported.

The Democrats proposals also includes a $69 billion tax cut for employers paying Social Security taxes.

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