Dem leaders announce support for extended payroll-tax holiday
Despite warnings it will undermine Social Security, House Democratic leaders are lining up behind a White House proposal to extend a payroll-tax cut beyond this year.
Reps. James Clyburn (D-S.C.) and John Larson (D-Conn.) announced Friday that they’ll throw their weight behind the extended payroll-tax holiday, which President Obama and some leading Senate Democrats are prescribing as an economic stimulant.
“Extending the payroll tax cut for another year will help keep our fragile economic recovery moving forward, create jobs and improve our long-term fiscal outlook,” Clyburn, the No. 3 House Democrat, has written in a column to be published Tuesday on the website of the nonprofit Blue Dog Research Forum.
“Allowing this tax holiday to expire would take money out of the pockets of workers in a time of lingering uncertainty, putting the brakes on the economy at a time when we can ill afford it.”