On Monday, Republicans made an offer to extend the payroll tax cut without slicing budgets elsewhere. With the February 29 deadline fast approaching, legislators faced the possibility of the expiration of the tax cuts if stalemated negotiations continued.

Initially, GOP members requested that Congress find other opportunities for spending cuts to offset the growing deficit. The new proposal adds $94 billion to the already existing debt to continue unemployment benefits and tax cuts throughout the year.

House Speaker John Boehner of Ohio, Majority Leader Eric Cantor of Virginia and Majority Whip Kevin McCarthy of California released a joint statement saying that the proposal from the House Republicans could go to the Committee later this week. They said that the offer was made was to simply extend the tax-cut provisions throughout the rest of the year while they figure out a broader agreement

In the last round of deliberation, Democratic legislators had proposed that the extension be paid for with an additional tax on high-income earners. A Republican aid said that the Republican's Proposal was made in an attempt to avoid an impasse on the issue, according to the Bloomberg News.
 

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