House Republican leaders agree to payroll-tax holiday extension without offsets

Trying to avert another tax showdown, House Republican leaders Monday proposed an extension of the withholding-tax holiday to the end of the year without offsetting spending cuts.

Locked in a fight over the payroll tax holiday since President Obama made it the centerpiece of his jobs legislation last September, the top three House GOP leaders backed off previous demands that its extension be accompanied by spending reductions to shore up the finances of the Social Security program, which is funded through withholding taxes.

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