Growing Number of Republicans Signal Willingness to Break Tax Pledge to Avoid Fiscal Cliff
There are new warnings from the White House on the looming ‘fiscal cliff.’ A new report details that a failure to extend the tax cuts for middle class Americans could have a negative impact on the economy. The report comes as more Republicans say they will consider closing certain loopholes in order to raise revenue if Democrats also compromise.
The report reads, in part, “If Congress doesn’t act, middle-class families will see their income taxes go up on January 1st. The typical middle-class family will see their taxes go up by $2,200 next year, negatively impacting businesses and retailers across the nation.”
Doug McKelway reports that while most Republicans are resisting all efforts to increase revenues either through taxes or through closing loopholes, a handful have signaled a willingness to break their pledge with Grover Norquist to raise revenues. They include Senator Saxby Chambliss, Senator Lindsey Graham, and Rep. Peter King.