Political Quotes

“just a couple of points when you look at the economic impact on families when they have dollars to spend. The payroll tax cut puts $1,000 on average in the pockets of most families in America. Families making under $150,000 are responsible for almost 82 percent of consumer spending. So the reason we are creating jobs with the payroll tax cut or a tax credit--the idea I mentioned before-- is because we are giving consumers, families, and small businesses the opportunity to create jobs because of economic activity. I mentioned the job impact of the payroll tax cut. It created or saved 400,000 jobs in the last year, and it didn't in any way harm the Social Security trust fund. In fact, it enhanced our ability to have more payroll revenue over time because of that job creation. So I think we should do both--continue the payroll tax cut as well as have a tax credit for businesses so that if they hire in year one versus a year after the year the credit is in place, that hiring can be given credit and they can be incentivized to hire more. Tomorrow our Joint Economic Committee will be engaged in a hearing on fiscal cliff issues. We will discuss strategies to create jobs, and we will discuss the implications of the fiscal cliff and what will happen if we don't get some work done by the House to pass the middle-income tax cut that was passed here in a bipartisan fashion.…”