(Image source: The White House) 

BY MALLORY PERRYMAN

ANCHOR JIM FLINK

It’s a political issue that could cost the average American worker $934 next year. That’s the message from the White House as a battle brews over extending payroll tax cuts.

Bloomberg explains-- the so-called Super Committee was supposed to extend the tax break. Now-- the issue has become President Obama’s priority.

Reporter (Bloomberg): “That is the real fight- the president is launching his opening salvo in the fight to get this through today in a speech in New Hampshire. Essentially what the White House is betting on is that they’ll be able to get the payroll tax extended...”

What is the payroll tax? According to CNN Money..

“Employees normally pay 6.2% on the first $106,800 of their wages into Social Security, but this year they've only been paying 4.2%.”

The White House has even set up a payroll tax calculator-- where you can see the amount of money you reportedly save through the cut.

And as The Wall Street Journal’s Carol Lee reports-- the president would like to see an even bigger break.

Carol Lee (WSJ): “One interesting twist, and the president may wind up getting an extension of the payroll tax, this is one area Republicans have signaled they are willing to work with him on, but the president wants not just the 2% payroll tax cut, he wants an additional percentage.”

Will the president get his way? An analyst on MSNBC says- with this Congress? Yeah right.

Analyst: “Don't expect an extension of unemployment benefits, emergency unemployment benefits. Don't expect an extension of the payroll tax cuts. I think Congress has signaled that it is unable to agree to anything. And that it is pushing everything onto the election of 2012.”

But The Washington Post’s Ezra Klein notes-- the president will give it his best shot-- because padding personal incomes is critical to economic recovery.

Klein says this about expanding unemployment benefits and the payroll tax:

“Those policies alone are expected to add 1-2 percentage points to growth next year... If growth falls by 1-2 percentage points next year, that could well mean we're only growing by one percent or so. If events in Europe take a turn for the worse, it could mean we're back in recession. That, and not our deficit, is the immediate threat.”

According to the Center on Budget and Policy Priorities, 121 million families have benefited from the payroll tax break.