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February 17, 2012

Budget watchdog concerned about payroll tax break

Congress passed a payroll tax cut extension by a wide bipartisan margin Friday, but budget watchdog groups are concerned. The $94.5 billion break was not paid for.

Here's the view of Steve Bell, senior director of the Bipartisan Policy Center's Economic Policy Project:

"Bipartisan agreement on the payroll tax holiday is welcome news for workers and the still struggling economy. The Bipartisan Policy Center’s Domenici-Rivlin Task Force recommended a payroll tax holiday as part of its November 2010 report, and we applaud this step. However, failure to offset the costs of the tax extension will raise future deficits and move us closer to a potential breach of the $16.4 trillion debt limit.

"Congress must begin to set in place serious deficit reduction measures this year to resolve our mounting national debt crisis. Offsets for additional legislation that increases deficits are critical moving forward."

 

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