Payroll Tax Cut: Either Side Caving?

Republicans and Democrats remain deadlocked on expiring tax break.
2:22 | 12/22/11

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Transcript for Payroll Tax Cut: Either Side Caving?
Republicans and Democrats still deadlocked on that payroll tax cut with about a thousand dollars a year to the average American worker. ABC's Jon Karl's been covering this from the capitol and John like you I've still got a pretty hard to believe the congress is gonna let this tax cut expire but is either side giving yet. Not -- -- George speaker Boehner did speak to the president today but the standoff continues now top Republicans told me that they do not expect that. Americans a 160 million Americans see their taxes go up by the end of the year. But there's no guarantee of a resolution on that and in fact George tonight there is deeply divided as they have never -- Amidst all the dysfunction baker. Baker. There's one thing congress can still do. Waste tax -- money. Senator Tom -- is just documented six point five billion dollars in spending this year -- what he says are frivolous or unnecessary projects. Remember the bridge to nowhere. If you thought that'll last a project was dead you were wrong. We spent fifteen point three million dollars on it this year this snazzy video by the way cost you almost 60000 dollars. And there's more ten million dollars spent on a remake of Sesame Street. Pakistan. 100000 dollars to the international center for the history -- electronic games who New York. 600000. Dollars to study white chimpanzees. Rolled their feces. And 150000. Dollars -- -- magic museum in Michigan. Can we be done these -- There's just absolutely no common sense -- job. Netcom on this is peanuts the way get a billion dollars a time is that 500000 dollars -- -- So every it you don't. These are just a few I don't enlisted -- hundred I can give you a thousand. And get this the US government spent seventeen point eight million dollars this year on aid to China. Including cash for economic development and social services. And where did we get the money we gave to China. We borrowed eight. China. All of that combined with the standoff that we're seeing now yet another standoff here in congress George goes a long way to explaining why now about only one out of every ten Americans actually approves of the job congress is doing now.

This transcript has been automatically generated and may not be 100% accurate.

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