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Democrats push tax hikes first in deficit talks

Posted By admin On October 2, 2011 @ 5:58 am In Money Watch | Comments Disabled

Richard Cowan and Tim Reid
Reuters [1]
Oct 2, 2011

Democrats want tax hikes to be the first item negotiated in “super committee” deficit-reduction talks, trying to force Republicans to confront an issue at the heart of this year’s budget fights, sources told Reuters.

The tough stance by Democratic members of the powerful 12-member congressional panel reflects the party’s wariness that Republicans might try to sideline the issue of revenue increases in the negotiations.

“They’ve raised the idea of doing taxes first,” a Republican aide involved in the discussions said on Friday on condition of anonymity.

The panel has the task of finding ways of cutting the deficit by at least $1.2 trillion over 10 years. If it fails to agree on a plan by November 23, automatic spending cuts will be triggered, beginning in 2013.

Full article here [1]


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URLs in this post:

[1] Reuters: http://www.reuters.com/article/2011/10/01/us-usa-debt-supercommittee-idUSTRE78T5QE20111001

[2] Volcker: Taxes likely to rise eventually to tame deficit: http://www.prisonplanet.com/volcker-taxes-likely-to-rise-eventually-to-tame-deficit.html

[3] White House forecasts higher U.S. budget deficit: http://www.prisonplanet.com/white-house-forecasts-higher-us-budget-deficit.html

[4] The Real Split Within The GOP: The Deficit Hawks Vs. “The Deficit Hawks”: http://www.prisonplanet.com/the-real-split-within-the-gop-the-deficit-hawks-vs-the-deficit-hawks.html

[5] U.S. posts 19th straight monthly budget deficit: http://www.prisonplanet.com/u-s-posts-19th-straight-monthly-budget-deficit.html

[6] Deficit reduction Super Committee already bought and paid for: http://www.prisonplanet.com/deficit-reduction-super-committee-already-bought-and-paid-for.html

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