Liberal Democrats aren’t too happy about President Barack Obama’s proposal to continue the payroll tax holiday for another year. And they aren’t shy about making their displeasure known, according toThe Hill
Rep. Peter DeFazio
, D-Ore., called the idea a “stupid Social Security tax holiday,” contending the money should be used to fund spending instead, which would provide more juice for the economy.
“It’s a unique tax break. You don’t just give away money, you have to borrow money to give away money, to restore the Social Security trust fund,” DeFazio said. “If you’re going to borrow $110 billion, spend it on infrastructure [and] put 4 million people to work instead of pissing away 25 bucks a week, which is what we’re doing now.”
He and other liberals in Congress are worried that extending the tax holiday will simply lead to making it permanent. That in turn would cut Social Security’s main source of funding, putting future benefits at risk.
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