Reid: GOP rejects latest payroll tax plan 'at their own peril'

"Republicans across the country support our plan and the way it’s paid for," said Reid, directing his remarks across the aisle.

"Republicans in Congress dismiss our plan at their own peril. I repeat, Republicans dismiss this at their peril," continued Reid. "The American people are watching what my Republican colleagues will do."

Reid and Senate Democrats on Monday are expected to offer a new version of a bill to extend the tax holiday after the upper chamber soundly rejected rival Republican and Democratic versions on Thursday. The new plan would reportedly cost about $85 billion less in tax hikes than the first Democratic proposal that failed in the Senate by 9 votes with the support of only one Republican.