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Boehner opens door to ‘new revenue,’ to halt debt
Republicans are “willing to accept new revenue” to tame the soaring national debt and avert an ugly battle over the approaching “fiscal cliff,” House Speaker John A. Boehner said Wednesday in a speech that offered a potential path to compromise in year-end budget negotiations.
With President Obama reelected and Republicans returned to a slightly smaller majority in the House, Boehner (R-Ohio) said Tuesday’s election amounted to a plea from voters for the parties to lay down their weapons of the past two years and “do what’s best for our country.”
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“That is the will of the people. And we answer to them,” Boehner said, according to advance excerpts of a speech he planned to deliver at an afternoon news conference at the Capitol. “For purposes of forging a bipartisan agreement that begins to solve the problem, we’re willing to accept new revenue, under the right conditions.”
While Boehner suggested that Republicans would continue to oppose Obama’s plan to take “a larger share of what the American people earn through higher tax rates,” he said the party is open to “increased revenue . . . as the by-product of a growing economy, energized by a simpler, cleaner, fairer tax code, with fewer loopholes, and lower rates for all.”
It was not immediately clear whether Boehner’s remarks indicate that he would acquiesce only to fresh revenues generated through economic growth rather than actual tax increases. Republicans have long argued that reforming the tax code would generate revenue by improving the economy, an assertion that budget analysts say is difficult to measure. Democrats have insisted that any deal include changes to the tax code that would provide additional income to the government regardless of their effects on the broader economy.
But Boehner hinted that he is open to the latter, citing an Republican offer during negotiations of the congressional supercommittee last fall, as well as his own negotiations with Obama during the 2011 debt-limit battle. At that time, Boehner had tentatively agreed to support $800 billion in additional revenue over the next decade in exchange for Obama’s commitment to let the top tax rate fall below the current 35 percent. Obama and other Democrats have long insisted that the George W. Bush-era tax cuts should be permitted to expire for the nation’s top earners, raising the top rate to 39.4 percent.
Boehner mentioned his negotiations with Obama in the speech Wednesday, saying: “We’re closer than many think to the critical mass needed legislatively to get tax reform done.”
In exchange, however, Boehner said Democrats must not “continue to duck the matter of entitlements,” referring to the rising cost of Social Security and federal health programs, which he called “the root of the problem.”
Boehner offered no details about the scope of GOP demands to rein in those programs. But he suggested a model for negotiations in the legislative session scheduled to begin Tuesday, proposing that policymakers enact a deficit-reduction plan aimed at replacing about $100 billion in automatic spending cuts set to kick in at the end of the year. This plan should be coupled with a framework for broader tax and entitlement reforms next year, in his view.
“We won’t solve the problem of our fiscal imbalance overnight, in the midst of a lame duck session of Congress. And we certainly won’t solve it by simply raising tax rates or taking a plunge off the fiscal cliff,” he said. “What we can do is avert the cliff in a manner that serves as a down payment on — and a catalyst for — major solutions, enacted in 2013, that begin to solve the problem.”
With President Obama reelected and Republicans returned to a slightly smaller majority in the House, Boehner (R-Ohio) said Tuesday’s election amounted to a plea from voters for the parties to lay down their weapons of the past two years and “do what’s best for our country.”
19
Comments
Weigh InCorrections?
Personal Post
Gallery
Government action against big banks
Since the 2008 financial crisis, banks have been hit with a number of lawsuits and investigations related to mortgage practices. Here’s a roundup of the charges, settlements and major players.
More news from Post Business
More business news
Shrinking number of traditional pensions may not be all bad
Michael A. Fletcher 8:01 AM ET
Some retirement experts note that for some workers traditional pensions did not generate significant income.
With impending Northeast storm, airlines scrapping some flights
Associated Press 12:36 PM ET
Major airlines are cancelling flights in and out of the New York area ahead of the second significant storm in little more than a week.
AT&T, government reach deal on forcing monthly data plans
Associated Press 9:57 AM ET
AT&T is agreeing to pay the federal government $700,000 and offer refunds to some customers.
“That is the will of the people. And we answer to them,” Boehner said, according to advance excerpts of a speech he planned to deliver at an afternoon news conference at the Capitol. “For purposes of forging a bipartisan agreement that begins to solve the problem, we’re willing to accept new revenue, under the right conditions.”
While Boehner suggested that Republicans would continue to oppose Obama’s plan to take “a larger share of what the American people earn through higher tax rates,” he said the party is open to “increased revenue . . . as the by-product of a growing economy, energized by a simpler, cleaner, fairer tax code, with fewer loopholes, and lower rates for all.”
It was not immediately clear whether Boehner’s remarks indicate that he would acquiesce only to fresh revenues generated through economic growth rather than actual tax increases. Republicans have long argued that reforming the tax code would generate revenue by improving the economy, an assertion that budget analysts say is difficult to measure. Democrats have insisted that any deal include changes to the tax code that would provide additional income to the government regardless of their effects on the broader economy.
But Boehner hinted that he is open to the latter, citing an Republican offer during negotiations of the congressional supercommittee last fall, as well as his own negotiations with Obama during the 2011 debt-limit battle. At that time, Boehner had tentatively agreed to support $800 billion in additional revenue over the next decade in exchange for Obama’s commitment to let the top tax rate fall below the current 35 percent. Obama and other Democrats have long insisted that the George W. Bush-era tax cuts should be permitted to expire for the nation’s top earners, raising the top rate to 39.4 percent.
Boehner mentioned his negotiations with Obama in the speech Wednesday, saying: “We’re closer than many think to the critical mass needed legislatively to get tax reform done.”
In exchange, however, Boehner said Democrats must not “continue to duck the matter of entitlements,” referring to the rising cost of Social Security and federal health programs, which he called “the root of the problem.”
Boehner offered no details about the scope of GOP demands to rein in those programs. But he suggested a model for negotiations in the legislative session scheduled to begin Tuesday, proposing that policymakers enact a deficit-reduction plan aimed at replacing about $100 billion in automatic spending cuts set to kick in at the end of the year. This plan should be coupled with a framework for broader tax and entitlement reforms next year, in his view.
“We won’t solve the problem of our fiscal imbalance overnight, in the midst of a lame duck session of Congress. And we certainly won’t solve it by simply raising tax rates or taking a plunge off the fiscal cliff,” he said. “What we can do is avert the cliff in a manner that serves as a down payment on — and a catalyst for — major solutions, enacted in 2013, that begin to solve the problem.”
I really feel like corporate American needs to have respect and support orphanedhawk. Sure, any unfair practices that they have or those dreaded ceo bonuses should be addressed but having a strong corporate sector is part of a strong economy. THEY are the employers of many people that count on them. I'm sure their existence keeps many off of the welfare lifestyle that a lot of Americans have adopted.
They contribute a lot to our country that deserves acknowledgement.
They contribute a lot to our country that deserves acknowledgement.
I'm all for welfare reform.
Let's start with corporate welfare,first.
Let's start with corporate welfare,first.
Just an interesting note on welfare reform, and something you may want to look into
I read some stats today on the welfare reform issue in Canada as it directly relates to Welfare Reform. Seems the cost of reform and chasing down fraud is actually higher then what the fraud costs. Pathetic huh. No idea what the stat is in the US, but just thought it interesting. I'm very pro welfare reform in my country, and this stat confounded me.
I read some stats today on the welfare reform issue in Canada as it directly relates to Welfare Reform. Seems the cost of reform and chasing down fraud is actually higher then what the fraud costs. Pathetic huh. No idea what the stat is in the US, but just thought it interesting. I'm very pro welfare reform in my country, and this stat confounded me.
I said it somewhere, I don't mind raising the taxes for the top 2% (ha, even better than the top 1%!) but also want welfare reform.
We have to raise some taxes and we have to cut.
In real life, you often have to find more money/earn more money (I say find because I've sold things when I needed money before) and cut your spending to really make a financial improvement.
Let's hope all are willing to do it.
We have to raise some taxes and we have to cut.
In real life, you often have to find more money/earn more money (I say find because I've sold things when I needed money before) and cut your spending to really make a financial improvement.
Let's hope all are willing to do it.
I agree. That still seems to be a problem. We will see what happens now? I did hear the younger ones are bucking the system so to speak. We will see.
Crisis mode? Isn't that what both parties were saying about this election?
I hope they do something. Hell, I hope they screw something up together! That would be a damned start!
I hope they do something. Hell, I hope they screw something up together! That would be a damned start!
I like it and hope they hold to it. Honestly, I do. We are in trouble if both sides don't work together, like crisis mode.
Well I do hope the repubs and dems figure it out...I find it funny how the repubs are still stuck on this no raising tax rate..That Norquist pledge is something......
Don't hold your breath..... It's words at this point, not action.
I watched it! Good start!..It won't be easy for either party but its a start in the right direction...
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