U.S. Senate rejects the payroll tax cut extension

by Colonel on December 1, 2011

Source

“The Senate on Thursday sidetracked rival plans to extend a Social Security payroll tax cut, in dueling votes that pave the way for negotiations on a compromise on a core component of President Barack Obama’s jobs program.

First, Republicans defeated Obama’s plan to extend the payroll tax cut through the end of next year while also making it more generous for workers.

Minutes later, in a vote that exposed rare divisions among Senate Republicans, more than two dozen of the GOP’s 47 lawmakers also voted to kill an alternative plan backed by their leader, Mitch McConnel, to renew an existing 2 percentage point payroll tax cut.

Many Republicans and even some Democrats say the payroll tax cut hasn’t worked to boost jobs and is too costly with the federal deficit requiring the government to borrow 36 cents of every dollar it spends.” — Copyright 2011 The Associated Press

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