Boehner Not Backing Down

Congressional leaders took a hard line on taxes ahead of a meeting Friday at the White House, with rank-and-file Republicans expressing opposition to a “fiscal cliff” deal that would bring in more revenue to the government.

House Speaker John Boehner (R-Ohio) has said Republicans could accept new revenues, but not tax-rate hikes, as part of a broad deficit deal, but President Obama and Sen. Charles Schumer (D-N.Y.) said it was unlikely that eliminating loopholes and capping deductions could raise enough revenue to gain their support.

Schumer, the third-ranking Senate Democrat, said Congress could not raise the approximately $1.5 to $1.6 trillion in revenue the president wants solely by scaling back deductions and loopholes, unless it violates Obama’s pledge not to increase the tax burden on the middle class.

“There’s not enough revenues if you just rely on that,” Schumer said of proposals that would only cap or eliminate tax deductions for the wealthy. “As an addition to money you gain by raising the top rate, yes, but otherwise not.”



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