Dec 052011

Statement by the President on the necessity of extending the payroll tax cuts…

Now, some Republicans who have pushed back against the idea of extending this payroll tax cut have said that we’ve got to pay for these tax cuts. And I’d just point out that they haven’t always felt that way. Over the last decade, they didn’t feel the need to pay for massive tax cuts for the wealthiest Americans — which is one of the reasons that we face such large deficits. Indeed, when the Republicans took over the House at the beginning of this year, they explicitly changed the rules to say that tax cuts don’t have to be paid for. So forgive me a little bit of confusion when I hear folks insisting on tax cuts being paid for.

Full transcript follows the break.

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