“It is a horrible idea,” said Rep. Pete Sessions (R-Tex.), chairman of the National Republican Congressional Committee. He said it was wrong to diminish the amount Americans pay into Social Security at a time when the program is at risk of insolvency.
In December of 2010, Congress approved a one-year reduction in the employee share of the payroll tax, to 4.2% from 6.2%. Obama wanted it reduced to 3.1%.
“We remain gravely concerned that yet another, unacceptable cut to Social Security’s revenue stream appears to be on the table,” a group of 62 House Democrats wrote in a July letter to Obama.
Odd bedfellows. Officially Obama and the Democrats refuse to acknowledge the deep problems with Medicare and Social Security solvency, now it appears both sides are getting in gear.
Ironic Obama wants to extend the payroll tax cuts. Usually, its the GOP that wants to cut taxes, but lets face it, the Democrats created these social program beasts, now decades old, too many are dependent on them - the 3rd rail of politics.
