(REUTERS) - The White House rejected on Friday the latest proposal from Republicans in Congress on a payroll tax cut, saying its costs needed to be offset in a balanced away and not with budget cuts exempting the rich.

We are open to looking at other ways to pay for this, but they have to be economically responsible and fair, White House spokesman Jay Carney said. It is important that the overall package meet the standards the president has set.

(Reporting by Laura MacInnis)