Reid to Propose Compromise Bill to Extend Payroll Tax Cut
[FoxNews.com]
Published December 04, 2011
AFP – FILE: Senate Majority Leader Harry Reid speaks on Capitol Hill.
Senate Majority Leader Harry Reid will introduce “compromise” legislation to extend the payroll tax holiday on Monday, the chairman of the Senate Budget Committee said Sunday in an announcement that surprised some Republicans.
“Majority Leader Reid called me yesterday and said he will propose tomorrow a compromise plan to extend the payroll tax cut,” Sen. Kent Conrad, D-N.D., told “Fox News Sunday.”
Conrad said he doesn’t want to preempt the announcement, but expects Reid to offer a plan that will be paid for — a bone of contention for some in Washington who say the extension will take more than $120 billion from Social Security without a revenue stream to replenish the account.
“It will be paid for. It will be paid for in a way that’s credible and serious. It will be able to represent a compromise from what was voted on last week. And then it’s a serious attempt to move this ball forward because we should not have a tax increase on the middle class. That makes no sense in this economy, Conrad said.
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