House GOP Blinks, Offers Extension Of Payroll Tax Cut Without Offsets

House Republicans will offer an extension of the payroll tax cut through the end of 2012 without spending offsets, according to a statement released by House Speaker John Boehner (R-OH), Majority Leader Eric Cantor (R-VA), and Majority Whip Kevin McCarthy (R-CA) this afternoon. The two parties have attempted to negotiate an agreement on how to pay for the extension over the past few weeks, with the most recent talks failing this weekend. In the statement, GOP leadership accused the Democrats of not negotiating in good faith before saying they would “introduce a backup plan that would simply extend the payroll tax holiday for the remainder of the year while the conference negotiations continue regarding offsets, unemployment insurance, and the ‘doc fix.’”