On Tuesday, Vice President Joe Biden told reporters new tax revenues must be a part of any agreement on legislation to raise the debt limit.
“I’ve made it clear today… revenues have to be in the deal,” Biden said, according to an Associated Press article on MSNBC’s website.
Biden, who is leading the budget negotiations in the so-called “Gang of Six,” a bi-partisan commission set up to trim the budget by $4 trillion, said the talks are moving toward a solution.
“We’re making progress,” Biden said. “Our Republican friends and the Democrats think we’re making progress. We’re confident that if we keep on this pace we can get to relatively large numbers.” However, Biden’s statement is in conflict with statements from Republican leaders, who previously said tax hikes were “off the table.”
The Vice President admits that in the initial legislation cuts will be below $4 trillion, but he is optimistic about meeting President Barack Obama’s goal of cutting the deficit by the full amount over the next 12 years.
“I think we’re in a position where we’ll be able to get well above a trillion dollars… in terms of what would be a down payment,” Biden said. “We’re going to be discussing trigger mechanisms and how… to get to $4 trillion.”