No New Taxes…
Top Republicans insist no taxes in debt deal
If you enjoy the content at iBankCoin, please follow us on TwitterPresident Barack Obama will hold separate talks with Senate Democratic and Republican leaders on Monday to try to resurrect stalled negotiations aimed at raising the U.S. debt limit and avoiding default.
Obama will meet on Monday morning with Senate Democratic leader Harry Reid and in the early evening that day with Senate Republican leader Mitch McConnell.
Talks fell apart on Thursday when Republicans walked out over Democrats’ demands for tax increases as part of a deficit reduction plan. A deal must be reached by August 2 to avoid a potential default on the country’s $14.3 trillion debt.
The top Republicans in Congress, McConnell and U.S. House of Representatives Speaker John Boehner, held fast on Friday to their position that Congress would not accept any tax increases. Boehner said Obama must come to the negotiating table next week with deep spending cuts if he wants a deal.
“The president and his party may want a debt limit increase that includes tax hikes, but such a proposal cannot pass the House,” Boehner said in a statement.
