Nobody Wants to Get This Done More Than Me

Chapter 13. The Budget: The Politics of Taxing & Spending Vid: US Debt Battle Waged in Public View -

President Barack Obama told business leaders Wednesday he is eager for a debt deal.

Nobody wants to get this done more than me.

The top Republican in Congress, House Speaker John Boehner, echoed the sentiment.

And I’ll be available at any moment, to sit down with the President, uh, to get serious about solving this problem.

It has been weeks since the President and Congressional leaders met face to face. Until direct talks resume, U S leaders are negotiating through the news media, in full public view.

Republicans are holding firm to their opposition to raising Federal tax rates on the wealthy as Democrats demand. House Republican leader, Eric Cantor:

We can’t just keep borrowing money and raising taxes and expecting the problem to go away. That is our point to the president.

But Mr. Obama is also holding firm, rejecting a Republican counter offer to limit tax breaks.

It is not possible for us to raise the amount of revenue that’s required for a balanced package, if all you’re relying on is closing deductions and loopholes.

Federal taxes for all income groups will go up on January first absent a deal. For now Democrats are urging a tax cut extension for middle and lower income Americans. Democratic Senator Mark Begich:

The goal here is to make sure middle-class America receives a tax cut in a timely manner. This is a decision that can be made right now.

A few Republicans have warmed to the proposal but most say excluding the wealthy from tax cuts will harm the economy. Senator John Thune says there is a better way.

If we can get pro-growth tax reform put in place, it will grow the economy, expand the economy, we can solve these problems.

The White House says partisan differences should be narrowed before direct negotiations resume. Republicans say time is short.

We want to sit down with the president. We want to talk specifics.

Since the looming fiscal cliff will automatically produce the tax increases Democrats seek, the White House prefers to delay face-to-face talks until Republicans soften their bargaining position. For now both sides are talking about, but not walking towards, a compromise.

Michael Bowman, VOA News, The Capitol