David Welna

President Obama put Congress on notice Tuesday in a speech in Osawatomie, Kan.

He said that unless a temporary payroll tax cut is extended this month, 160 million Americans would see their taxes go up next year by an average of $1,000. But there's concern on both sides of the political aisle that the payroll tax holiday might be undermining the solvency of Social Security.

Fact No. 1: Last year, for the first time in its 75-year history, Social Security took in less money than it paid out.

The congressional deficit-reduction supercommittee must agree before Thanksgiving to slice more than $1 trillion from projected deficits, or that money will be cut automatically from future budgets.

The fundamental divide between the panel's six Democrats and six Republicans has been over whether tax revenues should come into play. And with less than a week to go before the deadline, some Republicans are considering new tax revenue. But even the hint of compromise on that issue is dividing Republicans on Capitol Hill.

The last in a three-part series on thinkers who have had a lasting influence on economic policymakers. Other stories featured Ayn Rand and Friedrich Hayek.

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ROBERT SIEGEL, HOST:

Fifteen years ago, Congress overwhelmingly approved the Defense of Marriage Act, or DOMA. It said, while each state could decide how to define marriage, the federal government would only recognize the legal union of a man and a woman.

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Fifth in a series

Perhaps more than any other Republican running for president this year, Minnesota Rep. Michele Bachmann has railed against taxes. She says they're too high, and that the current tax code should be repealed.

But Bachmann had a somewhat surprising early career: going after tax evaders as a prosecutor for the Internal Revenue Service.

'Know Your Enemy'?

At times, the congresswoman and former state senator has seemed to deny that for nearly her entire professional life, she's been on the public payroll.

The clock is ticking down on Capitol Hill as a congressional supercommittee has only until Thanksgiving to agree on a plan shrinking deficits by more than a trillion dollars. The entire Congress then has to pass it by Christmas Eve or face huge across-the-board spending cuts.

Twenty-five years ago, another politically divided Congress approved the biggest tax code overhaul in the nation's history. But much has changed since then.

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