WASHINGTON (AP) — The White House refused to say Tuesday whether President Barack Obama would sign into law an extension of payroll tax cuts that is not paid for, as the top Senate Republican predicted lawmakers eventually would reach an agreement to prevent taxes from increasing on 160 million Americans.
The tax cut is set to expire at the end of the year, taking $165 billion out of the economy and raising taxes by about $1,000 on the average household unless Congress and Obama act. As the deadline approaches, political support is building for at least continuing the tax cut — and thereby heading off a politically bruising tax hike — but the holdup remains how to offset the cost.
Obama spokesman Jay Carney said the president prefers that lawmakers find a way to pay for the cuts that does not add to the federal debt. But Carney pointedly avoided questions from reporters about what Obama would do should Congress pass the extension without figuring out how to cover the cost.
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