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Boehner steadies GOP team, reframes deficit debate

47 views · Published 5 February 2013 · 2:00 · Indexed 22 September 2026

Channel: FOX NASHVILLE · 2013 · News & Politics

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by FOX NEWS Reporter Wendell GolerWASHINGTON, D.C. - As the President headed to Minnesota to talk about gun violence, Republicans on Capitol Hill tried to keep the nation's attention on fiscal matters.We are having trouble because spending is the problem, says Speaker of the House Representative John Boehner (R-OH). It's chasing jobs overseas, causing anxiety about the future.Sunday, in a pre-Super Bowl interview with CBS's Scott Pelley, Mr. Obama said this year's tax changes shouldn't be the last.There is no doubt we need additional revenue, coupled with smart spending reductions, in order to bring down our deficit, says President Obama.The President said he's not talking about raising rates, but closing what he calls loopholes that let high income people, especially those who make money mainly from investments, pay a lower tax rate than middle income salaried or hourly wage earners.The average person doesn't have access to Cayman Island accounts, says President Obama. The average person doesn't have access to 'carried interest income' where they end up paying a much lower rate on billions of dollars that they've earned.President Obama says the only way to continue investing in education, research and development and still reduce the deficit, is with a combination of spending cuts and additional revenue. Republicans say the government got its additional revenue with last year's tax agreement, which raised tax rates on families making over $450,000 a year and limited or phased out deductions for income over $300,000. In a written statement, John Boehner's spokesman said Any tax loopholes we close should be used to lower rates for all taxpayers so we can be more competitive and create more jobs.The Speaker himself reminded the White House it's once again missing its 1st Monday in February deadline for submitting a budget.It's late, says Boehner. It could be a month late. I think that's too bad. The economy could use some leadership right now.House Republicans are now working on a bill that would require the President to submit a budget that would balance in 10 years.

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