Skip to comments.Cantor floats tax compromise for debt deal
Posted on 07/06/2011 2:06:58 PM PDT by NormsRevenge
WASHINGTON (Reuters) - A top Republican floated a tax compromise on Wednesday that could revive hopes for a budget deal as President Barack Obama warned the United States could spiral back into recession if an agreement is not reached soon.
Rep Eric Cantor, the No. 2 official in the Republican-led House of Representatives, said that his party could agree to close some tax breaks in a trillion-dollar budget deal as long as they were offset with tax cuts elsewhere.
"Any discussion about loopholes must be accompanied by offsetting tax cuts," Cantor said at a news conference one day before he and other congressional leaders meet with Obama at the White House.
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.
Discussions will resume at the White House at 11:15 a.m. EDT on Thursday.
Financial markets have been little affected by the theater in Washington as investors assume that a deal will be reached eventually.
Cantor's comments are a positive sign, one analyst said.
(Excerpt) Read more at news.yahoo.com ...
You know what else floats *-?
weaving a web of compromise
no doubt who the prey is..
Cantor has clearly become a floater.
A banana spider hangs in its web as space shuttle Atlantis STS-135 sits on launch pad 39A
at the Kennedy Space Center in Cape Canaveral, Florida July 6, 2011. REUTERS/Gary Hershorn
seems fitting.. seeing as he has helped turn Nasa
into a streaking pile of outreach and powderpuff ecoscience.
No not the rich. Us. The rich will skate we will pay one way or the other. GOP SUCKS. Palin for President on a Tea Party Ticket. Screw the RAT/GOP coalition.
Since no money bill can become law without the house of representatives, there is no need to compromise.
Just say NO!!
The senate can not do anything without the house. The president can not do anything without the house.
Just say NO!!
US President Barack Obama speaks during a Twitter Town Hall as Twitter co-founder and Executive Chairman Jack Dorsey (L) looks on in the East Room of the White House in Washington, DC. Obama replied to a barrage of questions about the economy from Twitter users on Wednesday and personally fired off his first "tweet" from the White House
U.S. President Barack Obama talks about a tweet from U.S. Speaker of the House John Boehner on a screen behind him during his first ever Twitter Town Hall in the East Room at the White House in Washington, July 6, 2011. Joining the president at left is Twitter co-founder Jack Dorsey. REUTERS/Larry Downing
I’ve emailed my Congressman. I assume he has sense enough to prefer a government shutdown, but I wanted him to understand we are not going to be happy if the House GOP caves.
I smelleth a rat.
U.S. President Barack Obama reacts after tweeting at his first ever Twitter Town Hall in the East Room at the White House in Washington, July 6, 2011. REUTERS/Larry Downing (UNITED STATES - Tags: POLITICS SCI TECH)
If the GOP caves in on this issue it’ll be a massacre for the GOP next year at the polls.......
Wait. If they offset tax breaks with tax cuts, the result is a zero change in the deficit. How does that make sense?
The title should say
“Cantor waves white flag”
should’nt that be TWIT townhall.
It doesn’t make sense.
Cantor and Bonehead tried that with the short-term budget deal,
They hoodwinked the American people into thinking they were cutting 60 Billion.
It turned out it was about 300 million. Shame on Canton and Bonehead.
Talk taxes in 2014. But big spending cuts NOW. Let’s see what the spending cuts do for us in the next two years.
It isn’t going to happen
We have been SOLD down the river by the Republicans
What are we going to do about it?
Seems like everyone says the same thing year in and year out
I bet we will have this SAME conversation the next time we need to raise the ceiling
NOTHING EVER CHANGES
WHEN WILL CHANGE COME TO AMERICA
What is it going to take in order to wake everyone up?
Is there ANY hope at all left? Is it over?
I see no change.
Someone talk me down
I smell strategery. DeMint is talking in the same vein. They will make offers that the Dems will refuse; then, clearly, no deal is the Dems’ fault.
I heard in the radio this a.m., the Republican leaders and Tea Party-ers are deluging TOTUS with tweets.
Of course, look at the sneer on Bozo’s face when faced with Boehner’s message.
What was his reply to this tweet? I’m sure he blamed it on Republicans first, then talked about what a mess he inherited and how it takes time to fix.
There is nothing new about this. This proposal has always been on the table. The key is SPENDING CUTS first.
Who can claim that these groups are not Winners in life's lottery? Surely they can give a little more to the country that has given them so much!
Snarky, slimy, smart-ass wannabe that he is, with a Mussolini complex, a limp wrist and an evil eye (that is, he likes to think he has one)this creature reeks of everything you love to hate.
Remove this cancer in 2012 by all means possible, and then disinfect the white hut and return it to We The People as the White House.
I hope you’re right. I’m a DeMint fan.
Cantor is a good guy. Hear him out.
What difference does it make if “loopholes” are closed in one area but equal or greater real tax cuts are made elsewhere? It all adds up the same. It is still holding the line on spending.
Good strategy. It looks flexible, but still does not raise the debt limit.
Much of the GOP is untrustworthy, but Cantor is on our side. He is the one who made the http://majorityleader.gov/YouCut/ site. Take a look before you condemn him.
This sounds like what the Wall Street Journal proposed this morning. Close a few of Obama’s famous “loopholes” and get the corporate tax rate reduced in exchange, plus the trillion dollar cuts already negotiated. That’s what they said, anyway.
I still think that Cantor is from the cave early, cave often wing of the RINO Party.
I’m not criticising Cantor. It’s just that this has been on the table before, and the newspapers are trying to spin it as if it is something new. I trust Cantor.
I smell a rat...
Heck, I’ll climb up there and jump with you.
How do you know? I haven't heard anything real outrageous yet (Yet, like last time)
I see no change...Someone talk me down
Just relax Sir, take a deep breath.
I don't know that everything is going to be all right, but it might be. If not...I'll be right here whacking out alongside you.
You are RIGHT, You are RIGHT! Now.....try decaf!
Those “closed loopholes” mean additional costs for consumers who buy those products or services. So, we pay no matter what happens.
No, it is not a good plan.
Is he the same Cantor that told the American people that they were going to cut 30 Billion in the short-term budget, that after a careful ezamination turned out to be a 300 Million cut?
“What difference does it make if loopholes are closed in one area but equal or greater real tax cuts are made elsewhere? It all adds up the same. It is still holding the line on spending.”
Do you really believe that is what will happen assuming they approve this? I don’t.
I’ll tell you what will happen, taxes will go up and spending will also go up.
Cut spending. That’s it. That’s what this is all about and should be about for Republicans. Why compromise when compromise kills the republic?
Cantor is a snake in the grass and ~Not~ a conservative; I never knew why freepers and others were ever pushing for this guy to run for higher office (notably V.P and Pres, Senator, Gov, etc..).
That little RINO is always ready to cave.
There is plenty of revenue in DC. Kyl today talked about selling lands for revenue. But, if any hint of a tax hike goes through, then the Pubs lose all the advantages for 2012. Why they cannot see this is beyond me. Cantor should know better. All one can do is email and call them, which I did.
“They hoodwinked the American people into thinking they were cutting...”
for the Oligarchs...the hoodwinking part is the most important. They’ve no interest in cutting spending or taxes....that results in diminished power to DC..and less retail legislation they can sell on K St during the next election cycle.
They all share a definite, earnest bipartisan interest in fully hoodwinking you and I.
And that they get away with it is the fault of We the People.
Here’s a tax deal I can live with: repeal the income tax and implement a national sales tax.
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