The U.S. Senate this afternoon voted on the Tax Relief and Job Creation Act, or payroll tax cut extension. Traditionally payroll taxes fund much of the Social Security system but this bill would withdraw billions from its trust fund as well as add $90 billion to the national debt and extend unemployment benefits. Sen. Paul issued this statement following the outcome of the vote, which passed 60-36.
"Americans want to know if the payroll tax cut extension hurts Social Security and the answer is yes. Social Security is trillions of dollars in debt and teetering on insolvency while this bill only makes matters worst. If the Obama Administration's plan to raid the Social Security trust is allowed to continue, it will surely be the death of a program so many Americans rely upon," Sen. Paul said.