President Barack Obama on Wednesday again said he would not sign any agreement that does not raise the top tax rate, but Republicans in the House steadfastly stood in opposition to raising tax rates on those making over $250,000 in the upcoming “fiscal cliff” negotiations.
Republican leaders will meet with Obama at the White House on Friday, and House Speaker John Boehner (R-OH) said Republicans would not accept rate hikes but would work with Obama to find new “revenues” by reducing deductions and eliminating loopholes in the tax code.
According to The Hill, Sen. Chuck Schumer (D-NY) said Congress could not find $1.6 trillion in revenues through deductions and loopholes and insisted the top tax rate had to be raised.
In a press conference late Wednesday, Boehner rejected Obama’s demands for the House to pass the Senate bill, which raises the top tax rate.
“I think instead of the House moving on the Senate bill, the Senate ought to move on the House bill,” Boehner said, according to The Hill. The House bill extends the Bush tax cuts for a year for all income brackets.