$160 Billion: Cost to US Households of GOP Plan to Stop Payroll Tax Cut and Let Jobless Benefits Expire

The House GOP's refusal to bring President Obama's American Jobs Act – which includes crucial provisions to extend the payroll tax cut for workers and small businesses and continue jobless benefits – to the floor for a vote comes with a high price tag for American families. From the Wall Street Journal:

More immediately worrisome is the potential hit to U.S. growth prospects come January, when current fiscal-stimulus measures are slated to expire…

Allowing the current measures, including the payroll-tax cut and extended jobless benefits, to expire would equal a roughly $160 billion hit to households next year, notes Goldman Sachs. That could mean a 1.5- to two-percentage-point drag on growth, adds J.P. Morgan.

Were the U.S. growing at a 5% clip, this wouldn't be a disaster. Since the economy can barely manage 3%, the risk of recession remains. [11/14]

It's time for Congressional Republicans to work with Democrats to strengthen our economy and create jobs… America's middle class families and small businesses just can't afford the GOP's political games.