Congress came to terms on a tentative deal last night, that if passed, will extend the payroll tax cut and unemployment benefits through the end of 2012. The big dilemma (surprise, surprise) was how to pay for it. President Obama and the Democrats wanted to raise taxes, the Republicans wanted to cut spending to offset the additional costs. But as par for the course under his failed leadership as Speaker of the House, John Boehner buckled and again walked away with nothing.
Consider this: extending the payroll tax cuts will deprive the Social Security account of $100 billion, which means that the already in-the-red Social Security fund will be driven further into debt. There are some really simple things that the President and Congress can do to replenish Social Security while at the same time extending the payroll tax cut, and none of them need to involve raising taxes on anybody!
Here’s a perfect example: Last spring the Government Accountability Office identified more than $100 billion that could be saved by eliminating duplicative programs!! Following the GAO’s recommendations alone would more than replenish Social Security while maintaining the payroll tax cut.
Instead, Congressional leaders came to terms on a deal that will extend the payroll tax cut and unemployment benefits through the end of 2012, but they have not defined clearly how they will pay for it. Is this simply more political posturing in an election year?
It is only expected that the Democrats from OH like Rep. Dennis Kucinich, Rep. Marcy Kaptur, Rep. Fudge & Rep. Betty Sutton would raid your Social Security fund to pay for unfunded mandates. But the most disturbing and the biggest disappointment is that the freshmen GOP members of Congress from Ohio who rode the Tea Party wave into office -- Rep. Jim Renacci, Rep. Bill Johnson, Rep. Bob Gibbs and Rep. Steve Chabot -- would support short changing your future and again fail to do the job they were elected to do.
Call your Senators and Representative today and tell them to STOP committing our future to unfunded liabilities!