Washington D.C. is bracing for another congressional showdown, this one a sequel to December's payroll tax cut battle. The cuts were extended in late December but only for two months. The deduction, which saves the average American family an estimated $1,000 annually, is set to expire February 28. Monday House Republican leaders offered a plan to extend the cuts another 10 months, their plan adding $100 billion to the deficit. Though some Democrats are touting the plan as political victory, others wish to see the extension of unemployment benefits included in the legislation. Meanwhile, the plan also faces some GOP opposition, as government spending without offsets is something many Republicans, especially those of the Tea Party caucus, vehemently criticize.
[See a collection of political cartoons on the budget and deficit.]
In December, Debate Club tackled the issue of the payroll tax cut extension with Center for American Progress fellow Heather Boushey arguing, "Extending and expanding the payroll tax cut will directly help working families while boosting our economy overall." Republican Rep. David Schweikert opposed the extension, saying, "The simple fact is that this sort of temporary tax stimulus has repeatedly shown that without offsets, they only stimulate bigger federal deficits."
What do you think? Should the payroll tax cuts be extended? Take the poll and comment below.
Previously: Does Obama's Contraceptive Compromise Go Far Enough?
Reader Comments Read all comments (2)
Brian Ressing of NY 4:10AM February 16, 2012
robertjoneszr of CA 1:49AM February 15, 2012