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Massive blow to economy if tax cuts lapse

economy would suffer a blow canada goose uk shop if Congress fails to extend expiring payroll tax cuts, saying the country was not fully recovered from buy canada goose jacket the recession.

Obama sought to turn up the heat on congressional Republicans at a campaign style rally at a canadian goose jacket high school in Scranton, Pennsylvania, a battleground state canada goose uk black friday in the 2012 presidential election in which he is seeking a second term.

Republicans, who had been lukewarm to cheap Canada Goose a proposed one year payroll canada goose store tax break extension that Obama wants to help bolster the economy, threw their support behind the idea on Tuesday.

But the two sides are at odds over how to pay for canada goose clearance sale it, signaling canada goose clearance tough negotiations ahead.

Obama made clear that he and fellow Democrats still want to finance the payroll tax proposal by raising taxes buy canada goose jacket cheap on wealthier Americans, and challenged Republicans to make a choice in a congressional vote he said could Canada Goose https://www.canadagooseoutlet4online.com Jackets come as early Canada Goose Parka as Friday.

you going to cut taxes for middle class and those who are trying to get into the middle class or are you going to protect massive tax breaks for millionaires and Canada Goose Online billionaires? he canada goose asked, striking canada goose black friday sale a populist tone on a visit to a blue collar Canada Goose online town in a state considered crucial to his re canada goose coats election chances.

Republicans, who are seeking to blunt Democrats charges of favoring the rich over the middle class ahead of next year vote, rolled out their own plan to uk canada goose outlet cover the cost of extending the payroll tax cuts.

Congressional aides said canada goose factory sale the Republican plan mainly would pay for the tax cut extension by reducing the number of federal workers and extending a pay freeze for those workers for three more years. President Barack Obama talks about extending and expanding the payroll tax cut during his visit to Scranton, Pennsylvania November 30, 2011. REUTERS/Kevin Lamarque

Obama said if Congress doesn extend the payroll tax cuts, middle class taxes will go up the worst possible time.

would be tough for you, he said. would also be uk canada goose a massive blow to the economy because we not fully out of the recession yet. His re election is expected to hinge on whether he can spur the economy and curb 9 percent unemployment.

Without congressional action by December 31, the payroll tax that workers pay would revert to 6.2 percent, up from the current, temporary 4.2 percent tax. On average, it would cost American families Canada Goose sale about $1,000.

Some economists have estimated that allowing the payroll tax cut to die would shave anywhere from 0.75 percentage point to 1.5 percentage points from economic growth.

Congressional approval could help avert canada goose coat an end of year battle cheap canada goose uk following months of bitter partisan disputes that have fed public perceptions of political dysfunction in Washington.

Senate Democrats will press as early as this week for a bill that would cut the payroll tax even further, to 3.1 Canada Goose Outlet percent and also drop it to that level for employers. It would make up for the lost revenue with a new 3.25 percent tax on income over $1 million dollars a year, an idea Republicans strongly oppose.

Republicans had previously opposed continuing the payroll tax cut because they said it was unclear it had actually stimulated job creation.

Obama said Republicans would have a chance to themselves in the coming vote on the payroll tax cut extension after having blocked his overall $447 billion jobs package in September, calling it canada goose uk outlet filled with wasteful spending.

He chose Pennsylvania, a swing state he won handily in the 2008 election, canada goose coats on sale to make his case. But he faces an uphill fight to keep Pennsylvania in his column in 2012.

Recent polls have shown Obama neck and neck in a hypothetical race against former Massachusetts governor Mitt Romney, a leading Republican Canada Goose Coats On Sale presidential contender.

Additional reporting by Thomas Ferraro; writing by Matt Spetalnick and Laura MacInnis; editing by Anthony Boadle.

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