Cantor, don't whine about the debt when you insist closing loopholes be offset with more tax cuts

[flpoljunkie]

Schumer's right, of course.

“If the president wants to talk loopholes, we’ll be glad to talk loopholes,” Cantor said at his weekly roundtable with reporters. “We’ve said all along that preferences in the code aren’t something that helps economic growth overall. But listen, we’re not for any proposal that increases taxes, and any type of discussion should be coupled with offsetting tax cuts somewhere else.”

Democrats, in any case, dismissed Cantor’s offer, saying it makes no sense to cut taxes in a package whose primary goal is to reduce borrowing.

“It is like taking one step forward and then two steps back,” said Sen. Charles E. Schumer (N.Y.). “The point isn’t to get rid of these loopholes simply to pay for new tax breaks elsewhere. It’s to do it in a way that contributes to the reduction of the debt.”

http://www.washingtonpost.com/business/economy/in-debt-talks-obama-offers-social-security-cuts/2011/07/06/gIQA2sFO1H_story_1.html

[flpoljunkie]

1. Boehner: 'Everything is on the table except raising taxes on the American people.'

More denial, more kowtowing to Grover Norquist's ideology, about what we must do to get a handle on our debt and deficit. They lack credibility and seriousness. Republicans are truly not fit to govern.

Boehner quote here: http://thehill.com/homenews/house/170127-boehner-tax-reform-under-discussion-but-no-hikes

[flpoljunkie]

2. TPM: John McCain explains how millionaires can contribute to deficit reduction. Seriously.

"Millionaires can contribute to deficit reduction by spending part of their millions," said Sen. John McCain (R-AZ). "I agree with the Wall Street Journal editorial this morning: We should cut the corporate income tax from 35 to 25, and close loopholes that are in, and make sure that everything is revenue neutral, and that is a great approach."

This view is widely held in the Republican party -- that the best thing Congress can do to squeeze more out of the wealthy is either to leave them alone, or make their existing burdens somewhat easier to manage.

http://tpmdc.talkingpointsmemo.com/2011/07/leave-em-alone-republicans-explain-how-the-rich-can-contribute-to-debt-reduction.php?ref=fpa