(CNSNEWS) — President Barack Obama listed rising gas prices as among the many reasons to extend the payroll tax cut Tuesday, flanked by individuals the White House promoted as being affected by $40 per paycheck the average American would lose if the tax cut is not extended at the end of February.
The payroll tax funds Social Security. Cutting the tax would reduce funding to Social Security by $119 billion over the next year, on top of the $105 billion reduced from funding in 2011.
While Republican lawmakers have expressed plans to vote for a full-year extension to the tax cut, Obama told his audience Tuesday at the Eisenhower Executive Office Building in Washington that they must put pressure on Congress.
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