Pay Later: Bingaman is "Glad" Funding for Social Security Will Remain Reduced for At Least 60 More Days

Jeff Bingaman (left)

WASHINGTON – Congress reached a compromise late in the week that began as a temporary policy of reducing funding to the Social Security program. U.S. Senator Jeff Bingaman issued the following statement about the final passage of the so-called two-month extension of the payroll tax cut: “I’m glad the House of Representatives agreed to the two-month extension of this tax cut for working families.

New Mexicans have come to rely on this tax cut to buy food, pay for medications and fill their gas tanks. It would have been a mistake to let it expire,” Bingaman said. “Although this is a temporary fix, it gives Congress time in the new year to come to an agreement on extending this tax cut through 2012.” Bingaman offered no comment on whether he plans to propose reducing benefits to present or future Social Security recipients, increasing eligibility ages, or increasing contributions into the system that went cash flow negative earlier this year when the contributions to the program were slashed.

Pay Later: Bingaman is "Glad" Funding for Social Security Will Remain Reduced for At Least 60 More Days