Payroll Tax Cut Debate Shifts to Dispute Over Covering Costs
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Top lawmakers from both parties are pursuing different ways of offsetting the cost of extending a U.S. payroll tax cut, establishing markers for negotiations over how to prevent the break from expiring Dec. 31.
Senate Minority Leader Mitch McConnell of Kentucky hasn’t said how Republicans plan to cover the forgone revenue from extending the 2 percentage-point reduction in employees’ portion of the Social Security tax.