–Republican Senator Hits Dems For Tougher Stance On Fiscal Cliff
–Sen. Toomey: Many GOP Would Support Tax Reform That Generates More Rev
By John Shaw
WASHINGTON (MNI) – Sen. Pat Toomey, a Republican member of last
fall’s so-called Super Committee, said Tuesday that some congressional
Republicans would be willing to accept additional revenues if it’s
accomplished as the result of “pro-growth tax reform.”
In remarks at the Brookings Institution, Toomey said it’s important
to extend the Bush-era tax cuts for a year as work intensifies on
“structural” tax reform.
Toomey sharply criticized some Democrats for saying they are
willing allow the nation to go over the fiscal cliff rather than accept
a poor budget agreement.
“It think there is a better way than going over the cliff,” Toomey
said.
Toomey said work on entitlement reform next year should occur in
tandem with tax reform.
“It’s essential we do the entitlement reforms,” Toomey said.
“We have a completely unsustainable fiscal policy now,” he added.
Toomey said that saved by closing tax loopholes should be
“preserved for tax reform” rather than used to alter the scheduled
across-the-board spending cuts.
Toomey did say that some action should be taken to mitigate the
coming round of additional defense cuts.
Toomey said the fiscal negotiations that occur during the
post-election Lame Duck session will be “driven very significantly by
the (outcome of) elections.”
Both the House and Senate are expected to vote in the next two
weeks on President Obama’s plan to renew only those Bush era tax cuts
for families making $250,000 or less as well as a Republican plan to
extend all of the Bush era tax cuts.
** MNI Washington Bureau: (202) 371-2121 **
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