No Budget Deal-Dem. Legislators Angry Over No Tax Hikes
Despite news leaking out about an alledged budget deal from “secret” GOP and Presidential meetings, both sides are denying any deal. And some hard-left Democratic legislators are angry that potential deals don’t include take hikes.
The Hill is reporting that as soon as leaked information came out about a concession by the White House over tax hikes as part of a budget deal, both the GOP and Presidential staffers denied any such deal. GOP Leader John Boehner said “no deal publicly, no deal privately.” At issue was a report of a deal that would include significant spending cuts, and concrete entitlement reforms, but would put off tax hikes until 2012, in exchange for Congress agreeing to raise the 14.3 trillion debt ceiling. Democratic Senate leaders were reported to be “volcanic” over this alledged compromise, saying it needed to have tax increases. Senator Harry Reid (D) Nevada, said the President and his party believe in what they call “balance,” offsetting cuts and reform with tax hikes. So that’s what they’re calling it these days? Obama and Boehner had alledgedly reached a framework for a 4 trillion dollar deal that would combine spending cuts, entitlement reform and 1 trillion in new revenue (taxes) and also include tax reform and overhaul over the next two years. At the center of the issue is whether the Bush tax cuts would be allowed to expire-raising taxes for millions of Americans, not just the wealthiest. Apparently Obama had somewhat relented on that issue, as well as some of the tax hikes, but now Senate Democrats are furious. The soap opera continues.