Hatch: Payroll Tax Extension ‘Very Dangerous’ To Social Security

Sen. Orrin Hatch (R-Utah), top Republican on the Finance Committee, has concerns about the impact that extending the payroll tax holiday will have on Social Security, but he said the House Republican package debated Tuesday offers avenues to trim spending and spur job growth.

“Let’s face it. They’re taking money out of Peter to pay Paul, where there is no money for Paul to pay it back,” Hatch told CNSNews.com. “In other words, they’re going to take money out of Social Security.

“One of the reporters said to me, ‘Well, they’re going to pay for it out of the general fund.’ I said ‘with what? We’re broke,’” Hatch continued. “They’d have to borrow it to pay for it. In my eyes, it’s a very dangerous thing to be doing to Social Security. Democrats say ‘well, yeah, but it gives the middle class some money.’ There may be better ways of getting the money than ripping it out of Social Security.”

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