Franken and other Democrats have an opportunity to support such a plan immediately. Senate Budget Committee Chairman Kent Conrad introduced a budget proposal Wednesday that would relay on equal parts spending cuts and tax increases to reduce the federal deficit by about $4 trillion over the next 10 years. To contrast, President Barack Obama’s deficit reduction plan achieves similar savings but relies on three-fourths spending cuts.
President Obama has said ending such tax loopholes should contribute to such a plan, which must pass before Aug. 2. Cantor indicated that his could support some such measures, but with the caveat that “any discussion about loopholes must be accompanied by offsetting tax cuts. That’s all. We are not for increasing revenues.”
Speaking at the same press conference as Franken, Michigan Sen. Debbie Stabenow said turning the money around and using it for reducing tax levels is “not something we can afford anymore without evaluating every single one of those spending measures.”
Congressional leaders will meet with Obama at the White House today to continue debt limit talks.
According to the Washington Post, Obama will propose big reductions in Medicare spending and offer to tackle the rising cost of Social Security in exchange for GOP support for new revenues.