Biden: New taxes needed
Posted: Wednesday, May 25, 2011 8:01 pm
WASHINGTON (AP) — Vice President Joe Biden said Tuesday that new tax revenues need to be part of any agreement with Republicans on legislation to raise the limit on how much money the government can borrow to continue to meet its obligations. “I’ve made it clear today … revenues have to be in the deal,” Biden told reporters after meeting with GOP negotiators.
The vice president’s pronouncement puts the Obama administration at odds with Republicans, who insist tax increases are “off the table.” Republicans declined to comment as they left the meeting.
The vice president also says talks are on pace to produce deficit cuts exceeding $1 trillion and that the talks will extend to procedural mechanisms known as “triggers” to force further automatic deficit cuts of up to $4 trillion if lawmakers are unable to come up with the savings in future legislation.
Biden is the lead negotiator for the administration on legislation combining the debt limit increase with spending cuts demanded by Republicans.
Published in The Messenger 5.25.11