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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
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.
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URLs in this post:
 Reuters: http://www.reuters.com/article/2011/10/01/us-usa-debt-supercommittee-idUSTRE78T5QE20111001
 Volcker: Taxes likely to rise eventually to tame deficit: http://www.prisonplanet.com/volcker-taxes-likely-to-rise-eventually-to-tame-deficit.html
 White House forecasts higher U.S. budget deficit: http://www.prisonplanet.com/white-house-forecasts-higher-us-budget-deficit.html
 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
 U.S. posts 19th straight monthly budget deficit: http://www.prisonplanet.com/u-s-posts-19th-straight-monthly-budget-deficit.html
 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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