Economists Push Congress To Extend Soon-To-Expire Payroll Tax Cut

Both Federal Reserve Chairman Ben Bernanke and Moody’s Analytics chief economist Mark Zandi testified before Congress today, telling lawmakers that they should extend the payroll tax cut that is set to expire at the end of the year so as not to undermine the fragile economic recovery. “A self-sustaining economic expansion is close at hand, but only if policy makers do not pull their support from the economy too quickly,” Zandi said in prepared remarks. “Not extending these programs would deliver a significant blow to the still-tentative economy.”