Democrats Offer Payroll Tax Cut Compromise (VIDEO)

Source: Kate Bolduan and Tom Cohen / CNN

Washington – Senate Democrats on Monday offered a new proposal to extend the payroll tax cut before it expires at the end of the year, and President Barack Obama quickly urged Congress to help middle-class Americans by passing it.

In a statement to reporters at the White House, Obama said failure to act would mean almost 160 million people would pay higher taxes next year, violating a pledge by Republican legislators against raising taxes.

“Keep your word to the American people and don’t raise taxes on them right now,” Obama said, arguing that extending the lower payroll tax rate enacted last year would help the nation’s economic recovery. “Now is the time to keep growing the economy, to keep creating jobs, to keep giving working Americans the boost that they need.”

In reference to the GOP opposition to higher taxes, Obama asked: “How could it be the only time there’s a catch is when it comes to raising taxes on middle-class families?”

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