U.S. Senate Majority Leader Harry Reid is increasing pressure on Republicans to resolve the impasse over extending a payroll tax cut by saying his chamber won’t adjourn for the holidays until an agreement is reached.
“We’re not going to leave town until it’s complete,” Reid said at a press conference today in Washington. “We can do it the easy way or we can do it the hard way.”
Unless lawmakers act by Dec. 31, the Social Security payroll tax — which was cut to 4.2 percent in 2011 — will return to 6.2 percent next year. Republicans are split over whether the tax cut should be extended and, if so, how its $185 billion cost in forgone revenue should be covered.