Tuesday, January 31, 2012

Crapo Supports Payroll Tax Holiday, But Only If It's Deficit Neutral

Posted By on Tue, Jan 31, 2012 at 12:24 PM

Idaho U.S. Sen. Mike Crapo is part of a congressional conference committee looking to iron out details on how to extend the nation's payroll tax holiday. The tax break, which would allow most Americans to see an $800 to $1,000 benefit, expired at the end of 2011, and Congress is working against a Wednesday, Feb. 29, deadline, following a short-term two-month extension. Without a deal, the 2 percentage-point payroll tax break would lapse, as would emergency unemployment benefits.

"I do support the holiday," Crapo told Citydesk. "But it's a cost to the federal treasury and we need to offset that cost in spending reductions."

Crapo said in an effort to make the tax break budget neutral, he advocates for an across-the-board reduction in spending, including entitlements, though he didn't think enough of his U.S. Senate colleagues agreed with uniform cuts.

"They're going to look at some specific items," said Crapo. "But I believe one way or another, we'll get to the point of finding a necessary offset to make it deficit neutral."

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