House Speaker John A. Boehner publicly blessed a Republican deficit-reduction plan Tuesday that would raise $300 billion in additional tax revenue while overhauling the IRS code.
In doing so, he bucked opposition by some GOP presidential hopefuls and colleagues wary of violating a longstanding point of party orthodoxy.
Mr. Boehner, the top Republican in Congress, spoke as time grew perilously short for agreement by the deficit-fighting supercommittee. The panel has until a week from Wednesday to vote on any compromise, but several officials said that, in reality, perhaps as little as 48 or 72 hours are available to the six Republicans and six Democrats.
While Mr. Boehner’s voice is important, his endorsement does not mean all Republicans will follow him or that a deal is in sight. Republicans have been unified for two decades in opposition to higher taxes, while Democrats on the supercommittee insist on additional revenue before they will agree to cuts in benefit programs like Medicare as part of a compromise.
Wednesday, November 16, 2011
Republicans raise taxes....lose elections, it's that simple.
Posted by traderrob at 6:07 AM