King: President and Reid Playing Politics with Payroll Tax Holiday
Washington, DC- Today Congressman Steve King (R-IA) released the following statement after President Obama and Senate Majority Leader Harry Reid took steps to derail bi-partisan legislation passed yesterday by the House to extend a cut in the payroll tax for another year. The cost of the extension was fully offset, and the bill was supported by every member of Iowa's House Delegation. However, the President and Senator Reid have suggested that because the payroll tax holiday is not paid for by a new tax on small business owners and job creators, they will plan to hold up the rest of Congress' year end, must-pass legislation until their demands for new tax increases are met. The legislation passed by the House also included provisions to reauthorize the national flood insurance program, extend and reform unemployment benefits, prevent physicians from seeing a 27% cut in Medicare reimbursements, and an extension of several tax deductions and credits for businesses.
"For months, the President and Senator Reid have called for an extension of the payroll tax holiday that was passed last year," he said. "Yesterday, I joined the rest of the Iowa delegation in supporting commonsense legislation to do just that. The bill was fully paid for and included a number of other important provisions related to reforming unemployment benefits, updating the flood insurance program, giving businesses certainty in the tax code and incentives to grow, and ensuring seniors' access to physicians through Medicare. The President has said that the extension of this payroll tax holiday topped his list of year end priorities. We now know that his real priority is increasing the tax burden on the small business owners and job creators who are seeking to put Americans back to work."