S.2997: A bill to amend title XVIII of the Social Security Act to provide for the update under the Medicare physician fee schedule for years beginning with 2010 and to sunset the application of the sustainable growth rate formula, and for other purposes.

Physician Payment Update Commission Act - Amends title XVIII (Medicare) of the Social Security Act to: (1) require an update of 0% to the single conversion factor under (and thereby freeze) the Medicare physician fee schedule update for 2010 and 2011; and (2) sunset the Medicare sustainable growth rate formula effective January 1, 2012. Establishes the Physician Payment Update Commission to study and report to the appropriate congressional...

(Source: Library of Congress)