Senate Republicans propose plan to pay for payroll tax cut [View All]

[Freddie Stubbs]

Source: CNN

Washington (CNN) - In an effort to offset the cost of extending the current payroll tax cut for one year, Senate Republicans on Wednesday proposed freezing federal salaries, reducing the federal work force and keeping millionaires from getting food stamps and unemployment benefits.

The proposal would raise the $120 billion to cover the payroll tax and would bring in an additional $111 billion Republicans say would be used to pay down the nation's debt.

Details of the GOP plan came a day after party leaders first publicly embraced continuing the tax break, which many complained was not successful in stimulating the economy.

"It's important to underscore, however, that the only reason we're even talking about extending a temporary cut in the payroll tax is because President Obama's economic policies have failed working Americans," Senate Minority Leader Mitch McConnell, R-Kentucky, said in a statement.

Read more: http://politicalticker.blogs.cnn.com/2011/11/30/senate-republicans-propose-plan-to-pay-for-payroll-tax-cut/