On the recordDecember 16, 2010
Mr. Chairman, there's not much time when there's 3 hours and most of that is dedicated to pushing this bill. But the fact is, following up on Social Security tax, it's reduced by 2 percent, from 6.2 percent, for 2 years, which dramatically does affect the solvency of Social Security. When I proposed the payroll tax holiday, I was going to pay for that--it's in the bill--pay for it with TARP. We were going to take that money from the Wall Street bailout and give it to the people that actually earned it. That would have worked. This isn't paid for. We were elected into the majority to stop the deficit spending. We do need to extend the current tax rates so that we can give some stability to this economy. But two years, analysts say, is not going to push businessmen to run out and fix the economy. This is a mistake. We can do much better for the economy. This is no time to sell out just to get some extensions. We can do better.
