Posted on 07/06/2011 12:38:25 PM PDT by BradtotheBone
WASHINGTON (Reuters) - A top Republican said on Wednesday his party could compromise on taxes as part of a broad budget deal as President Barack Obama warned the United States could spiral back into recession if Congress does not act soon.
Ahead of a Thursday meeting with Obama, House of Representatives Republican Leader Eric Cantor indicated that Republicans could break an impasse over taxes that has held up a deal to avert an early August default.
"If the president wants to talk loopholes, we'll be glad to talk loopholes," Cantor said at a news conference. "Any type of discussion should be coupled with offsetting tax cuts somewhere else."
Cantor's comments open the door to a compromise that would clear the way for Congress to raise the $14.3 trillion debt ceiling before the country runs out of borrowing capacity on August 2.
Failure to act by then could force the United States to default on debt service, retirement payments, or other obligations.
A U.S. default could cause "a whole new spiral into a second recession or worse," Obama told a Twitter town hall on Wednesday.
Cantor declined to say specifically what tax provisions would have to be part of the deal. An aide said possible elements could include an extension of last year's payroll tax break or a research and development tax credit.
(Excerpt) Read more at news.yahoo.com ...
(see also gun show loophole)
And if we come up with a new party, they’ll just infiltrate it....
We have GOT to stop voting for people based on what party they claim to be, and vote based on issues only....and if they have cajones or not....
I agree 1000%!
LLS
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