According to Talking Points Memo, Republicans will not support more payroll tax cuts. It appears that the Republican House and Senate conference chairs have had enough of these short term stimulus measures, even if they take the form of tax cuts.
Republican Rep. Jeb Henserling(TX) says:
Well they've tried this once, and it hasn't seemed to be working
Senator Lamar Alexander says:
We don't need short-term gestures, we need long-term strategies that build into our system simpler taxes, lower taxes, fewer mandates, lower costs, more certainty, any changes in the debt structure of tax reform ought to come out of the Vice President's talks or part of a major tax reform
http://tpmdc.talkingpointsmemo.com/...
Its really sad that it takes Republicans to throw cold water on this ill advised plan. What cutting the payroll tax again would do is make sure that Social Security goes bankrupt sooner by shrinking its revenue stream.
What should be done is to raise the cap that the payroll tax is applied to, rather than allowing those who make over $94,000 a year to pay no taxes on income above that. Doing that wouldnt just be fair, it would extend the life of Social Security for decades.
We already had a 2% payroll tax cut and that is doing plenty of damage to Social Security.
If Obama wanted more stimulus, he should have pushed for it in the summer of 2009 when Democrats still had control and when it would have helped Democrats in time for the 2010 elections. Now, its too late.