Bachmann Opposes Payroll Tax Cut Extension

CEDAR FALLS, Iowa (AP) — Minnesota Rep. Michele Bachmann says she'll fight any effort to extend the payroll tax cut on the verge of expiring.

Bachmann says President Barack Obama proposed the tax cut to create jobs, but says it's failed in that effort. The Republican presidential hopeful says instead, the tax cut has punched a big hole in the federal budget and threatens programs like Social Security, which benefit the elderly.

She conceded there can be some political risks of her position.

The tax cut is set to expire Dec. 31, raising taxes by about $1,000 on the average household unless Congress and Obama act.

Some congressional Republicans say they'd extend the tax cut if spending cuts are found to pay for the extension.