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Cantor: Republicans Are Open To Closing Loopholes At White House Debt Talks

July 7, 2011 by  

Cantor: Republicans Are Open To Closing Loopholes At White House Debt Talks

House Majority Leader Eric Cantor of Virginia, the second most powerful Republican in Congress, said he was “looking forward” to the debt ceiling talks President Barack Obama is hosting at the White House today. Echoing sentiments that the President expressed in his remarks on Tuesday, Cantor told assembled members of the press that these talks will build on the progress already made in talks with Vice President Biden.

“I’m looking forward to going to the White House today in what I believe is the beginning of the final stage of discussions to resolve the issue of the debt ceiling,” Cantor said. “There is no question that when we left the Biden discussions, there was a blueprint on the table where there could be over $2 trillion dollars in savings, consistent with what the Speaker’s mandate is, which is we are going to insist if we are going to vote for the debt ceiling increase, to make sure that the cuts we achieve exceed the amount of the debt ceiling increase.”

According to a blog for The Hill, Cantor said the Republicans are open to closing tax loopholes in the talks.

“‘If the president wants to talk loopholes, we’ll talk loopholes,’ Cantor said, with one caveat: Any revenue gained from ending a tax break should be used to lower other taxes,” the blog read. “While Cantor’s move left clear ground between the two sides, it also provided a possible opening for tax cuts supported by both parties to be included in a final package.”

Cantor’s official blog said that accusations from the President and other Democrats that the Biden debt talks fell apart over tax loopholes are false.

“I had said all along to the Vice President and others that, first of all, we don’t support tax increases, especially in such an ailing economy; and number two, there are no votes for tax increases in the House. And then to hear the President come forward and indicate that somehow that those talks stopped or blew up over loopholes is just not the case,” Cantor’s blog read.

“We’ve said all along that preferences in the code aren’t something that helps economic growth overall. But, listen, we are not for any proposal that increases taxes, and any type of discussion should be coupled with offsetting tax cuts somewhere else.”

UPDATE: After the debt talks, the President made a brief statement before White House Press Secretary Jay Carney’s press briefing. POLITICO reports:

People were frank, we discussed the various options available to us,” (Obama) says. The decision that was made, Obama says, is that they’ll be “working during the weekend” and that “I will reconvene congressional leaders here on Sunday with the expectation that at that point, the parties will at least know where each other’s bottom lines are.”

 

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  • s c

    Sis boom bah. Rah rah rah. Go, team go!
    So much for the pre-programmed crap. Is Herr Obummer “open” to the idea of STOPPING his psychotic, economy-crushing, freedom-hating, ‘no one does it better than me’ SPENDING?

    • Dan az

      NOT LIKELY!

  • DanB

    Does that mean they’ll close the loopholes that allowed GE to get their incredibly low tax bill (zero)? Probably not.

    The whole irony of this from the start is that the Republicans entered the negotiations much like our government negotiating with the Taliban. We openly declared we are withdrawing which is what the Taliban wants and then we go to the negotiating table? In comparison, how many of us remember that months ago the Republican leadership basically hinted that they would cave if negotiations went to the final bell. Strange, seems the Democrats will keep going for what they want (higher taxes and a refusal to cut programs/entitlements) until the final bell draws near instead of a real budget plan that actually cuts spending.

    Sadly, I suspect we quietly stepped over a line and all the politicians have to keep doing is pushing this ball down the line until sometime perhaps within this year that it is revealed that the choice has been removed and they MUST implement ALL the Democrats policies with only token gestures to the conservatives. When I hear politicians talk about creative accounting to “keep government open” until August 2, it rang all sorts of alarm bells in my head. The only problem is that I don’t have much clue what the surprise will be when the curtain is pulled back. Will we still be able to save America? Or is it secretly being sold out from under our feet?

  • jopa

    One of the loopholes they are trying to close is one of George Soros’s favorites.His capital gains are taxed at 15% where as the rest of us have to pay over 30% on our wages.Good luck on closing that one.

    • Kinetic1

      jopa,
      What is the point of bringing Soros into this, other than to cast aspersions? The Republicans have been trying to eliminate the capital gains tax for years. Don’t you think that they might be more, or at least just as resistant to closing that hole?

  • Thinking About

    It is time for real workers to step up and do their job. Can’ter has carried this on too long. Just think the zeros needs to become Heros. Our troops give their all. Why can’t the rest of this great nation give some in order to get us back on track.

  • pete

    Who is responsible for the national debt ? Is it the American People ? I would say “Yes” – we put the reps/senators/prez into office.

    It all comes down to the national debt. HOW ARE YOU, THE AMERICAN PEOPLE, GOING TO PAY IT OFF….

    The only way to pay the national debt off is …..

    1) NO MORE BORROWING !!!!!!
    2) RAISE TAXES.
    3) CUT SPENDING.
    4) BRING THE TROOPS HOME.

    After the national debt is PAID we can ….

    1) CUT TAXES ….
    2) NO MORE BORROWING….
    3) BALANCE THE BUDGET EVERY YEAR …

    All we have to do is just tighten our belts, raise taxes, cut spending ….

    See how EZ it is ?

  • jopa

    Kinetic1: When the Republicans realize how much money Soros is making with the 15% tax on capital gains rather than 30% plus perhaps they will try and close the loophole.At least Soros spends some of that money wisely.

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