GOP Rejects White House Offer Including Payroll Tax Cut Extension

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The White House's initial offer to resolve the fiscal cliff impasse is quickly rejected by House Republicans, who say the administration's call for a payroll tax cut extension, an end to the current debt limit policy, and $1.6 trillion in new tax revenues is a waste of their time. The Obama administration's offer includes a choice for Congress either to extend the 2 percentage point payroll tax cut that has been in effect since the start of 2011 or an equivalent policy, as well as the extension of tax incentives to encourage business investment and the extension of popular temporary tax cuts such as the research and development tax credit.