nhboy
07-24-2012, 08:51 PM
Link to original article. (http://www.huffingtonpost.com/2012/07/24/pat-toomey-fiscal-cliff_n_1698210.html)
"WASHINGTON -- Sen. Pat Toomey (R-Pa.) signaled Tuesday that Republican lawmakers may be left with no choice but to accept a deficit reduction deal that includes new revenues as the country approaches the "fiscal cliff."
"It's not clear to me that there may be another way to do it in the future," Toomey said at a Brookings Institution discussion when asked about his party's openness to raising taxes to avoid another fiscal crisis.
In January, nearly $600 billion in spending cuts and tax increases are scheduled to take effect unless Congress can come up with a legislative solution.
"Let me be very clear. I don't believe that adding new revenue in the form of an increase in the total tax burden is either necessary or optimal or economically or fiscally required to solve this problem, because I think it's a problem that arises on the spending side," said Toomey, who served on the 2011 congressional super committee that tried to reach a bipartisan deal on deficit reduction last year. "But we did recognize that it was politically necessary because it was absolutely essential for our friends on the other side," he added, referring to those talks.
Toomey's admission comes amid a growing chorus from top Democrats that they are not afraid to "go over" the fiscal cliff, putting the onus on their GOP colleagues to back a balanced cuts-and-taxes approach before the clock strikes midnight Dec. 31.
"If we can’t get a good deal, a balanced deal that calls on the wealthy to pay their fair share, then I will absolutely continue this debate into 2013,” said Sen. Patty Murray (D-Wash.) at Brookings earlier this month. Murray served as co-chair of the super committee."
"WASHINGTON -- Sen. Pat Toomey (R-Pa.) signaled Tuesday that Republican lawmakers may be left with no choice but to accept a deficit reduction deal that includes new revenues as the country approaches the "fiscal cliff."
"It's not clear to me that there may be another way to do it in the future," Toomey said at a Brookings Institution discussion when asked about his party's openness to raising taxes to avoid another fiscal crisis.
In January, nearly $600 billion in spending cuts and tax increases are scheduled to take effect unless Congress can come up with a legislative solution.
"Let me be very clear. I don't believe that adding new revenue in the form of an increase in the total tax burden is either necessary or optimal or economically or fiscally required to solve this problem, because I think it's a problem that arises on the spending side," said Toomey, who served on the 2011 congressional super committee that tried to reach a bipartisan deal on deficit reduction last year. "But we did recognize that it was politically necessary because it was absolutely essential for our friends on the other side," he added, referring to those talks.
Toomey's admission comes amid a growing chorus from top Democrats that they are not afraid to "go over" the fiscal cliff, putting the onus on their GOP colleagues to back a balanced cuts-and-taxes approach before the clock strikes midnight Dec. 31.
"If we can’t get a good deal, a balanced deal that calls on the wealthy to pay their fair share, then I will absolutely continue this debate into 2013,” said Sen. Patty Murray (D-Wash.) at Brookings earlier this month. Murray served as co-chair of the super committee."