Democrats and Republicans staked out negotiating positions this week
over the so-called fiscal cliff as Congress prepared to adjourn for the
Thanksgiving recess.
More than $600 billion of automatic spending cuts and tax increases as negotiated in the August 2011 agreement to raise the federal debt ceiling will take place if lawmakers fail to reach a deal before the end of the year.
President Barack Obama on Wednesday reiterated his demand for higher taxes on wealthy families, individuals, and small businesses. The White House is asking for $1.6 trillion in new taxes over the next decade, which is roughly twice the amount discussed in previous deficit talks with Republican leaders.
Obama declined to draw a “red line” with respect to tax hikes despite previously indicating he would not support any compromise that does not increase tax rates on the top two percent of earners.
“I’m less concerned about red lines per se,” Obama told reporters during his first solo press conference since March. “What I’m concerned about is not finding ourselves in a situation where the wealthy aren’t paying more or aren’t paying as much as they should.”
He did not indicate how much he thought the wealthy should be paying.
Sen. Chuck Schumer (D., N.Y.) insisted that any deficit deal must include higher tax rates on top earners hours before Obama’s press conference.
Republican leaders have signaled a willingness to accept new revenue as part of a potential deal as long as that revenue is raised through tax reform as opposed to higher tax rates.
GOP vice presidential candidate and House Budget Committee Chairman Paul Ryan (R., Wis.) reiterated his party’s opposition to higher tax rates in an interview with ABC’s Jonathan Karl.
Read more: http://freebeacon.com/the-fiscal-cliff-is-coming/
More than $600 billion of automatic spending cuts and tax increases as negotiated in the August 2011 agreement to raise the federal debt ceiling will take place if lawmakers fail to reach a deal before the end of the year.
President Barack Obama on Wednesday reiterated his demand for higher taxes on wealthy families, individuals, and small businesses. The White House is asking for $1.6 trillion in new taxes over the next decade, which is roughly twice the amount discussed in previous deficit talks with Republican leaders.
Obama declined to draw a “red line” with respect to tax hikes despite previously indicating he would not support any compromise that does not increase tax rates on the top two percent of earners.
“I’m less concerned about red lines per se,” Obama told reporters during his first solo press conference since March. “What I’m concerned about is not finding ourselves in a situation where the wealthy aren’t paying more or aren’t paying as much as they should.”
He did not indicate how much he thought the wealthy should be paying.
Sen. Chuck Schumer (D., N.Y.) insisted that any deficit deal must include higher tax rates on top earners hours before Obama’s press conference.
Republican leaders have signaled a willingness to accept new revenue as part of a potential deal as long as that revenue is raised through tax reform as opposed to higher tax rates.
GOP vice presidential candidate and House Budget Committee Chairman Paul Ryan (R., Wis.) reiterated his party’s opposition to higher tax rates in an interview with ABC’s Jonathan Karl.
Read more: http://freebeacon.com/the-fiscal-cliff-is-coming/
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