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Senate rejects, for now, extending payroll tax cut

Senate Republicans on Thursday defeated a plan by President Barack Obama to renew a temporary cut in the Social Security payroll tax, even as all sides on Capitol Hill continue to promise an eventual compromise on a tax holiday before Congress leaves Washington for Christmas.

By Andrew Taylor , David Espo | Updated on December 02, 2011

WASHINGTON (AP) — Senate Republicans on Thursday defeated a plan by President Barack Obama to renew a temporary cut in the Social Security payroll tax, even as all sides on Capitol Hill continue to promise an eventual compromise on a tax holiday before Congress leaves Washington for Christmas.

More than two dozen of the Senate’s 47 Republicans also voted to kill an alternative plan backed by GOP leader Mitch McConnell of Kentucky in a vote that exposed a wide split among the party over whether renewing an existing 2 percentage point payroll tax cut makes sense.

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