Senators Charles E. Schumer and Orrin G. Hatch write,

Starting immediately after enactment, any private-sector employer that hires a worker who had been unemployed for at least 60 days will not have to pay its 6.2 percent Social Security payroll tax on that employee for the duration of 2010. The Social Security trust fund will then be made whole with spending cuts elsewhere in the budget between now and 2015.

Just over a year ago, Bryan Caplan proposed a smart stimulus that involved cutting payroll taxes.