Obama Demands More Tax Hikes This Year
With both sides on the cusp of a fiscal cliff deal, President Barack Obama vowed Monday to seek additional revenue next year alongside spending cuts. In the process, he also angered several GOP senators who said he demeaned their efforts to reach a deal.
Obama said that a year-end deal to avert tax hikes for the middle class “is within sight, but it’s not done.”
The emerging deal, which sources have pegged at around $600 billion in new revenue, would include permanent extensions of current tax rates on individuals with income up to $400,000 and couples with income up to $450,000. But Obama made clear that he would demand additional revenue as part of any package next year.
Obama has sought a much higher revenue figure — $1.3 trillion — as part of a “grand bargain” in his failed negotiations with Speaker John A. Boehner, R-Ohio.
“My preference would have been to solve all of these problems … in a grand bargain,” Obama said. But “with this Congress, that was obviously a little too much to hope for.”