Will Payroll Tax Cut ‘Unravel’ Social Security? Robert Gibbs Says ‘Not In Any Way’
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ABC News
Days after Congress’ bitterly-long battle over extending the payroll tax cut concluded in a compromise deal, Obama campaign senior adviser Robert Gibbs aimed diffuse criticism from those within his own party that the tax cut deal “could begin unraveling Social Security,” as Sen. Tom Harkin, D-Iowa, said this week on the Senate Floor.
“I strongly disagree with that characterization,” Gibbs told me in an exclusive interview Sunday on “This Week.” “This does not in any way threaten the livelihood of Social Security.”
While the tax cut strips about $100 billion from federal revenues, the Social Security trust fund is theoretically left untouched as the Treasury will borrow more to compensate for the lagging revenue stream, adding instead to the national debt.
Gibbs said the cut was necessary to continue the economic recovery, which has dragged on longer and deeper than people on both sides of the aisle expected.
If the tax holiday were to have expired, as it was set to do the end of this month, a family earning $50,000 would have seen their taxes increase by about $1,000 over the next year.
“I’m glad that Republicans in Congress accepted the president’s position that we can’t raise taxes on the middle class right now,” Gibbs said.
Gibbs also defended Obama’s 2013 budget, which the president delivered to Congress last week. With $3.7 trillion in spending, the president’s budget would create a fourth year of at least $1 trillion of deficit spending.
“The best thing we can do for our budget deficit right now is to get our economy going even faster than it is right now,” Gibbs said. “Quite frankly, we’ve made some good progress, but it’s going to take some more time to get out of that hole.”
Best Commencement Speeches of 2012 
Joe Biden Recalls Death of Wife, Daughter
Designed to secure votes. It’s all good.
Posted by: newcountryman | February 19, 2012, 11:49 am 11:49 am
The Wimpy response that “I’ll gladly pay you Thursday for a hamburger today!” Never do today what can be put off until tomorrow!
Posted by: Common _ Sense | February 19, 2012, 12:13 pm 12:13 pm
Barack’s idea of increasing your national debt by supplementing the Social Security Administration drowns the nation in red ink. Obama is a base incompetent. His social welfare policy destroyed American credit. U.S. corporations down-spiral in their credit rating with international banks.
Posted by: dustin98sc | February 19, 2012, 12:18 pm 12:18 pm
The federal deficit grows 3.8 billion a day.
the government borrows 43 cents of every dollar they spend.
Mr. Gibbs needs a math course update!
Posted by: alive wrestler | February 19, 2012, 12:44 pm 12:44 pm
How do you take billions away from Social Security and not have a negative impact? The White House is using its smoke and mirror tricks again, just like when Obama cut Medicare by $500 billion and said nothing will change! By 2014 folks on Medicare will see their premiums double!
Posted by: BIG JIMMY | February 19, 2012, 12:56 pm 12:56 pm
What this country needs is somebody who can add 2+2 and come up with 4, rather than blabbing their lack of any knowledge as to how this country ticks……………what’s next…will we experience our own llittle Greek problem here? (…..back to sleep, Harry…….go for a record with a do-nothing (by design) that doesn’t even participate in talking about the problems facing this nation….what crap!
Posted by: reggie | February 19, 2012, 12:59 pm 12:59 pm
Who would believe this partisan hack anyway? Where’s the common sense with these guys? Do they believe their followers are that dumb? Apparently, they do. Borrowing from the crippled Social Security fund to give people a sense of “we’re looking out for you” is irresponsible at best. That Republicans caved and approved this “tax relief” gives sad testimony to the Dem’s strangle hold on media. Dems control the story most Americans hear, if they are tuned in at all. Otherwise, people would question borrowing from their retirement fund to appease them while more and more of their tax money is spent to pay for ever increasing food stamps and free housing. And, it’s called stimulating the economy. Ask Greece how that worked for them.
Posted by: Newsjunkie | February 19, 2012, 1:19 pm 1:19 pm
I love it how after doubling the national debt and plunging the country into a major economic collapse, the Republicans start lecturing the Democrats on fiscal responsibility and good business practices. Priceless!
Posted by: Jane | February 19, 2012, 1:39 pm 1:39 pm
What else would we expect Gibbs to say? Jake needs to ask that same question to some people who study budgets all the time and don’t have anything invested in the outcome one way or the other.
Posted by: Todd | February 19, 2012, 2:19 pm 2:19 pm
Unlike the Democrats, the Republicans will do what is best for Social Security.
Posted by: Kevorkian | February 19, 2012, 2:36 pm 2:36 pm
Posted by: Jane | February 19, 2012, 1:39 pm 1:39 pm
You’ve been willfully unemployed and living off taxpayers for the past three years. You’re really one to be lecturing Republicans (or anybody else) about “fiscal responsibility.” Priceless!
Posted by: Bill | February 19, 2012, 2:36 pm 2:36 pm
Unlike the Democrats, the Republicans will do what is best for Social Security.
Posted by: Kevorkian | February 19, 2012, 2:36 pm 2:36 pm
Social Security has a better chance of getting resurrected than you (or your humor) do.
Posted by: Jud | February 19, 2012, 2:41 pm 2:41 pm
I love it how after doubling the national debt and plunging the country into a major economic collapse, the Republicans start lecturing the Democrats on fiscal responsibility and good business practices. Priceless!
Posted by: Jane | February 19, 2012, 1:39 pm 1:39 pm
Doesn’t this hit the truth of the matter!
Posted by: Chuck | February 19, 2012, 2:42 pm 2:42 pm
I love it how after doubling the national debt and plunging the country into a major economic collapse, the Republicans start lecturing the Democrats on fiscal responsibility and good business practices. Priceless!
Posted by: Jane | February 19, 2012, 1:39 pm 1:39 pm
You’ve been willfully unemployed and living off taxpayers for the past three years. You’re really one to be lecturing Republicans (or anybody else) about “fiscal responsibility.” Priceless!
*****
Posted by: Chuck | February 19, 2012, 2:50 pm 2:50 pm
Posted by: Mary | February 19, 2012, 2:48 pm 2:48 pm
I don’t pay taxes. That’s your job.
Posted by: Arnie | February 19, 2012, 2:51 pm 2:51 pm
Posted by: Chuck | February 19, 2012, 2:42 pm 2:42 pm
You’re my crush.
Posted by: Jane | February 19, 2012, 2:55 pm 2:55 pm
I’m completely in favor of the IRS sending you a lump sum invoice
Posted by: Mary | February 19, 2012, 2:48 pm 2:48 pm
Send it to yourself first if you think it’s such a good idea. We’ll be paying for it one way or another – currently in huge debt and interest. Same with Bush’s unpaid for wars, unpaid for drug plan, and the disastrous lost revenues and demands on government resources, the bankrupt businesses, the 8.5 million lost jobs, homes, savings, etc
And then maybe you’d like to start paying off the Chinese for all the money Bush borrowed from them plunging us further and further into huge debt before the economy crashed on his watch and left the country in a such a fine state.
Posted by: Arnie | February 19, 2012, 2:57 pm 2:57 pm
Posted by: Arnie | February 19, 2012, 2:57 pm 2:57 pm
Blah, blah, blah. Yawn!!
Posted by: Mary | February 19, 2012, 3:14 pm 3:14 pm
I’m completely in favor of the IRS sending you a lump sum invoice
Posted by: Mary | February 19, 2012, 2:48 pm 2:48 pm
Send it to yourself first if you think it’s such a good idea. We’ll be paying for it one way or another – currently in huge debt and interest. Same with Bush’s unpaid for wars, unpaid for drug plan, and the disastrous lost revenues and demands on government resources, the bankrupt businesses, the 8.5 million lost jobs, homes, savings, etc
And then maybe you’d like to start paying off the Chinese for all the money Bush borrowed from them plunging us further and further into huge debt before the economy crashed on his watch and left the country in a such a fine state.
Posted by: Arnie | February 19, 2012, 2:57 pm 2:57 pm
Don’t you just love it how after doubling the national debt and plunging the country into a major economic collapse, the Republicans start lecturing the Democrats on fiscal responsibility and good business practices. Priceless!
And the best they can come up with is ‘blah, blah, blah, yawn”. Sad.
Posted by: Jane | February 19, 2012, 3:18 pm 3:18 pm
We’re seeing $4.39 gas in San Diego. Thanks President Obama. :(
Posted by: Mike in SD | February 19, 2012, 3:20 pm 3:20 pm
We’re seeing $4.39 gas in San Diego. Thanks President Obama. :(
Posted by: Mike in SD | February 19, 2012, 3:20 pm 3:20 pm
That’s right, President Obama specifically mandated that gas retailers in San Diego raise their prices higher than anywhere else in the country! Hahahahaha!
Posted by: Bob | February 19, 2012, 3:25 pm 3:25 pm
We think the public, and senior citizens in particular, are going to acknowledge our genuine concern about diverting funds away from a huge government entitlement like Medicare, even though we talk about doing it ourselves all the time. Like when we hold a hearing on birth control which doesn’t include any women, we think these decisions should be made more objectively.
Posted by: GOP | February 19, 2012, 3:42 pm 3:42 pm
Put those economics books away people. Like Rick Santorum said: the best way we can lower gas prices is to use more gas, and all other petroleum products.
Posted by: GOP | February 19, 2012, 3:50 pm 3:50 pm
Posted by: Mike in SD | February 19, 2012, 3:20 pm 3:20 pm
President Bush was responsible for $4.12 gas in 2008. However, President Obama is not responsible for $4.00+ gas under any circumstances now. Just to be clear, I’m not a hypocrite.
Posted by: Jane | February 19, 2012, 3:52 pm 3:52 pm
Posted by: Judd | February 19, 2012, 3:31 pm 3:31 pm
$3.85 is expensive. $4.39 is insane. Glad I live in Denver.
Posted by: Ice Jeepin | February 19, 2012, 3:58 pm 3:58 pm
The best way to lower gas prices is to send Brazil $2 billion to encourage their own oil exploration and drilling. Illegal drilling moratoriums in the Gulf and killing the Keystone XL pipeline project also help. Our goal is $7 gas to encourage people to buy $40,000 electric cars to help the UAW and middle class budgets.
Posted by: Democratic Party | February 19, 2012, 4:04 pm 4:04 pm
“We’re seeing $4.39 gas in San Diego. Thanks President Obama”
Yes…..don’t look at us!
Posted by: OPEC | February 19, 2012, 4:05 pm 4:05 pm
Whoa! Did that read “Medicare”? It should have read Social Security! Anyway our plan is to protect both of these huge entitlements at least in appearances through the election cycle, and then if we have majorities we’ll endeavor to dismantle them completely.
Posted by: GOP | February 19, 2012, 4:13 pm 4:13 pm
“………..the Keystone XL pipeline project ”
Charming efforts….we admire your wishful thinking
Posted by: OPEC | February 19, 2012, 4:20 pm 4:20 pm
The higher gas prices aren’t necessarily caused by oil hitting $100 a barrel, and our influence upon world oil prices is often exaggerated quite a bit….
Posted by: OPEC | February 19, 2012, 4:34 pm 4:34 pm
President Bush was responsible for $4.12 gas in 2008. However, President Obama is not responsible for $4.00+ gas under any circumstances now. Just to be clear, I’m not a hypocrite.
Posted by: Jane | February 19, 2012, 3:52 pm 3:52 pm
Noting that gas prices hit $4.12 per gallon under Bush is different from claiming he (or Obama for that matter) are ‘responsible’ for gas prices. In fact its almost exclusively the Republicans on here trying to pretend Obama is responsible for gas prices. Ducking that fact, is the hypocrisy of Chuck the dimly.
By the way, oil production in the U.S. went DOWN EVERY YEAR under President Bush.
Posted by: Jane | February 19, 2012, 5:20 pm 5:20 pm
In other words, this short term vote trolling won’t hurt S.S. long term. Got it.
Posted by: newcountryman | February 19, 2012, 5:34 pm 5:34 pm
In other words, this short term vote trolling won’t hurt S.S. long term. Got it.
Posted by: newcountryman | February 19, 2012, 5:34 pm 5:34 pm
Isn’t the idea to leave the money in the hands of the consumer at this time so it gets spent and sustains economic growth and employment?
Posted by: Jeff | February 19, 2012, 6:21 pm 6:21 pm
Posted by: Jane | February 19, 2012, 5:20 pm 5:20 pm
The price of gas hit $4.12 per gallon in 2008 under Bush. The price of gas has never got that high under President Obama and never will. The gas stations in San Diego and that evil Chuck are conspiring to post false numbers online and on retail gas station signs to make our president look bad.
Posted by: Dan | February 19, 2012, 6:22 pm 6:22 pm
Posted by: Jeff | February 19, 2012, 6:21 pm 6:21 pm
Tax cuts don’t work. The Bush tax cuts are a great example, even though they’re in effect right now and the economy is improving.
Posted by: Dan | February 19, 2012, 6:25 pm 6:25 pm
Posted by: Jane | February 19, 2012, 5:20 pm 5:20 pm
The price of gas hit $4.12 per gallon in 2008 under Bush. The price of gas has never got that high under President Obama and never will. The gas stations in San Diego and that evil Chuck are conspiring to post false numbers online and on retail gas station signs to make our president look bad.
Posted by: Dan | February 19, 2012, 6:22 pm 6:22 pm
******
Posted by: Jane | February 19, 2012, 6:28 pm 6:28 pm
Tax cuts don’t work. The Bush tax cuts are a great example, even though they’re in effect right now and the economy is improving.
Posted by: Dan | February 19, 2012, 6:25 pm 6:25 pm
The Bush tax cuts were in effect when the American economy crashed and burned in 2008.
Let’s face it, almost nothing under the Republican presidency of George Bush worked.
He failed on 9/11, he failed on weapons of mass destruction, North Korea tested their first nuclear weapons on Bush’s watch, Iran developed the underground nuclear facility that’s causing the current problems on Bush’s watch, his tax cuts through the country into deficit and debt, he left two unfinished wars for the next president, the economy collapsed on Bush’s presidency.
Posted by: Bill | February 19, 2012, 7:10 pm 7:10 pm
The Bush tax cuts were in effect when the American economy crashed and burned in 2008.
Let’s face it, almost nothing under the Republican presidency of George Bush worked.
He failed on 9/11, he failed on weapons of mass destruction, North Korea tested their first nuclear weapons on Bush’s watch, Iran developed the underground nuclear facility that’s causing the current problems on Bush’s watch, his tax cuts through the country into deficit and debt, he left two unfinished wars for the next president, the economy collapsed on Bush’s presidency.
Posted by: Bill | February 19, 2012, 7:10 pm 7:10 pm
I completely agree. We are lucky to have a Democratic president back at the helm, and a good one in Obama.
Posted by: Ted | February 19, 2012, 7:24 pm 7:24 pm
In all honesty, I adored George W. Bush, especially when 9/11 happened. He really brought the country together. I voted for him twice. I’m grateful that President Obama had the wisdom to continue many of President Bush’s signature initiatives like the Bush tax cuts, strengthening and extending the Patriot Act, continuing rendition and military tribunals, keeping Guantanamo Bay open, and pre-emptively engaging in foreign conflicts (our intervention in Libya is a great example). As they say, imitation is the sincerest form of flattery.
Posted by: Bill | February 19, 2012, 7:28 pm 7:28 pm
Posted by: Ted | February 19, 2012, 7:24 pm 7:24 pm
I agree. With myself.
Posted by: Jane | February 19, 2012, 7:29 pm 7:29 pm
The Bush tax cuts were in effect when the American economy crashed and burned in 2008.
Posted by: Bill | February 19, 2012, 7:10 pm 7:10 pm
They’re in effect now which means we’re going to crash and burn soon!
Posted by: Sally | February 19, 2012, 7:33 pm 7:33 pm
The Bush tax cuts were in effect when the American economy crashed and burned in 2008.
Posted by: Bill | February 19, 2012, 7:10 pm 7:10 pm
They’re in effect now which means we’re going to crash and burn soon!
Posted by: Sally | February 19, 2012, 7:33 pm 7:33 pm
I think one Republican Bush crash and burn is enough. Thanks very much.
Posted by: Don | February 19, 2012, 8:01 pm 8:01 pm
What happens in September when Obama right before the election has to ask for
another National DEBT increase and the country has spent the summer paying
4.00 a gallon gas. National debt goes up 3.8 billion dollars a day. not rocket science
to figure it out. Social security is on course for retirement age raise after this year
raid. It will be the second time in my life that retirement age will have been changed.
Posted by: alive wrestler | February 19, 2012, 8:28 pm 8:28 pm
What happens in September when Obama right before the election has to ask for
another National DEBT increase
Posted by: alive wrestler | February 19, 2012, 8:28 pm 8:28 pm
I think the public learned a lot about the debt ceiling last time the Republicans played politics with it and cause the country’s credit rating to drop. People learned how the debt ceiling had been raised 7 times under Bush and 18 times under Reagan.
Even more than last time, the public is not going to buy into any Republican attempts to pretend its a hideous aberration that the debt ceiling needs to be raised. If they try this trick again, it will only damage them further at the polls in November.
People have seen through the Republican hypocrisy on this and many other issues.
Posted by: Larry | February 19, 2012, 8:41 pm 8:41 pm
After 3 long years of Obama economics, the price of gas is up 90% food is up 40% and the real unemployment rate is at 19.2%. If the Bush tax cuts had not been in effect the story would have been even grimmer! Thanks to the Bush tax cuts the country avoided a complete economic collapse under Obama’s rookie leadership and the tax and spend Democrats!
Posted by: BIG JIMMY | February 19, 2012, 9:35 pm 9:35 pm
Larry, people do realize the spending is out of control.
3.8 billion a day the deficit rises.
Over 1 billion in cellphone and cellphone minutes giving
to welfare recipients..Now free birth control for all.
How come no one mentions the end of welfare, to mothers once the
birth control is been made free for a year. No one wants the entitlement state to end. No one wants the gravy train to end. Personal responsibility now dead and buried!
Posted by: alive wrestler | February 19, 2012, 10:40 pm 10:40 pm
Larry, people do realize the spending is out of control.
Posted by: alive wrestler | February 19, 2012, 10:40 pm 10:40 pm
FOX news – Rich people hiring Rich people to tell Middle Class people to blame the Poor
(By the way, $1.4 trillion of the current debt the right wing likes to attribute to Obama is the deficit Bush left for fiscal year 2009.)
($1.25 trillion of the current debt the right wing likes to attribute to Obama is the INTEREST on the debt left by Bush.)
Make sure you’re pointing the fingers in the right direction.
Posted by: Larry | February 19, 2012, 10:55 pm 10:55 pm
the price of gas is up 90%
Posted by: BIG JIMMY | February 19, 2012, 9:35 pm 9:35 pm
Please stop with this phony crap. The price of gas collapsed along with the economy in 2008. It hit rock bottom along with 8.5 miillion people losing their jobs, their homes, their businesses, their savings, etc.
Is that the Republican approach to keeping gas prices low?
Also, gas his $4.12 under Bush in 2008. It’s approaching 4 years later and prices are still below $4.12. You ever hear of inflation? Well the price of gas is LESS than it was 4 years ago under Bush.
Posted by: Larry | February 19, 2012, 11:00 pm 11:00 pm
Sorry Larry, your wrong once again! The price of gas was $1.89 when Obama took office! And now under Obama’s failed leadership it is projected to reach above $5.00 by June, happy motoring!
Just remember who made that possible, Obama!
Posted by: BIG JIMMY | February 20, 2012, 1:46 am 1:46 am
“This does not in any way threaten the livelihood of Social Security.” – Barry’s lying weasel
Posted by: foggy | February 20, 2012, 9:00 am 9:00 am
Also, gas his $4.12 under Bush in 2008. It’s approaching 4 years later and prices are still below $4.12. You ever hear of inflation?
Posted by: Larry | February 19, 2012, 11:00 pm 11:00 pm
According to the government the inflation rate is only 2.9%.
Posted by: remember? | February 20, 2012, 9:08 am 9:08 am
Why would anybody listen to Robert Gibbs?
Posted by: Noz | February 20, 2012, 10:46 am 10:46 am
Hey, folks…you read or heard it here…….good ole Gibbs strikes again and admits the unemployment giveaway program won’t impact the social security trust…….it will only impact the deficit…are these people stupid
?
Posted by: reggie | February 20, 2012, 2:08 pm 2:08 pm
Posted by: BIG JIMMY | February 20, 2012, 1:46 am 1:46 am
Don’t you just love it how after doubling the national debt and plunging the country into a major economic collapse, the Republicans start lecturing the Democrats on fiscal responsibility and good business practices. Priceless!
Posted by: Steve | February 21, 2012, 2:49 am 2:49 am
POSTED BY: JANE | FEBRUARY 19, 2012, 1:39 PM 1:39 PM at least they seen the error of their ways, democrats are still living in a world of make belief.
LARRY, I don’t know where you live, but where I live it’s already way over the $4.12 and going up every day. Also who was in charge in 2008 of the congress and house, HINT: DEMOCRATS
Posted by: Lizzie | February 21, 2012, 12:02 pm 12:02 pm
For nearly 30 years, the United States government has been cheating millions of Social Security recipients out of up to 60% of their EARNED benefits due to the unfair WEP and GPO laws. Bills to repeal these laws that have thrown many seniors into complete poverty are never even voted on by our cowardly congress. That’s because whenever a bill to repeal these unfair laws they are tied up in committee and never see the light of day. Our congress people whine that they can’t live on their $174,000 per year salaries, yet they have no trouble sleeping at nights when America’s senior citizens have been forced into poverty because of this nation’s corrupt Social Security laws. We can’t afford to pay seniors the benefits that they actually earned but we can afford to give away billions to foreign banks and squander over FOUR TRILLION DOLLARS in Iraq and Afghanistan.
Posted by: Mexican Joe | February 22, 2012, 1:21 pm 1:21 pm