Should Congress Pass a Payroll Tax Extension?

On Sunday, House Speaker John Boehner (R - Ohio) threw the fate of the payroll tax into doubt, saying he and his fellow House Republicans oppose the two-month extension backed by the Senate and want something longer passed before the holiday break.

On Saturday, the Senate passed a two-month extension to a Social Security tax cut keeping the payroll tax 4.2 percent instead of the regular 6.2 percent. The bill also keeps some unemployment benefits from expiring and keeps doctors’ Medicare reimbursement rates from being cut. The tax break has been very popular for Obama. Yet on Sunday's "Meet the Press" on NBC, Boehner said that he wants a one-year extension instead of the proposed 2-month extension.

Republicans are also demanding that the tax cuts be financed with cuts from the existing budget.

President Barack Obama has said the lower 4.2 percent payroll tax rate will help boost economic growth. 

Weigh in: Should Congress extend the payroll tax cut? How should we pay for the lost revenue? Should Republicans in the House block the Senate's bill and make it a legislative priority before Congress' holiday break?

Photo Credit: Wikimedia Commons

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