Republicans, Democrats dance around the 'fiscal cliff'
President Obama and Speaker Boehner want to avoid the looming 'fiscal cliff,' which will require new revenues as well as budget cuts. Can that happen without more taxes on the wealthy?
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President Obama has danced back and forth on taxes and revenues too.
"If we're serious about reducing the deficit we have to combine spending cuts with revenue,” he said at his press event Friday. “That means asking the wealthy to pay a little more in taxes."
“A little more in taxes….” Does that mean an end to those Bush-era tax cuts for the wealthy, a potential show-stopper for some Republicans?
Speaking on NBC’s Meet the Press Sunday, Sen. Charles Schumer said it’s “mathematically impossible” to get where Congress needs to without raising the tax rate on the rich. Still, he said, “If someone can show another plan that doesn't do that … we could look at it.”
In any case, things do seem to be inching toward a bigger tax bite on the wealthy.
“Look, I haven't met a wealthy Republican or Democrat in Tennessee that's not willing to contribute more as long as they know we solve the problem," Sen. Corker said Sunday.
"It won't kill the country if we raise taxes a little bit on millionaires," he said. "It really won't, I don't think. I don't really understand why Republicans don't take Obama's offer…. Really? The Republican Party is going to fall on its sword to defend a bunch of millionaires, half of whom voted Democratic and half of whom live in Hollywood and are hostile?"