Deficit Panel Seeks to Defer Details on Raising Taxes
By ROBERT PEAR
NYT
WASHINGTON — With a little over a week left to reach a deal, members of the Congressional deficit reduction panel are looking for an escape hatch that would let them strike an accord on revenue levels but delay until next year tough decisions about exactly how to raise taxes.
Under this approach, the panel would decide on the amount of new revenue to be raised but would leave it to the tax-writing committees of Congress to fill in details next year, well beyond the Nov. 23 deadline for the panel itself to reach an agreement. That would put off painful political decisions but ensure that the debate over deficit reduction stretched into the election year.
“There could be a two-step process that would hopefully give us pro-growth tax reform,” Representative Jeb Hensarling of Texas, the top Republican on the panel, said Sunday on the CNN program “State of the Union.”
Members of Congress and their aides said they were still skeptical that the panel could agree on a mix of spending cuts and revenue increases to reduce budget deficits by $1.2 trillion over 10 years, the minimum set by law.
(More here.)
NYT
WASHINGTON — With a little over a week left to reach a deal, members of the Congressional deficit reduction panel are looking for an escape hatch that would let them strike an accord on revenue levels but delay until next year tough decisions about exactly how to raise taxes.
Under this approach, the panel would decide on the amount of new revenue to be raised but would leave it to the tax-writing committees of Congress to fill in details next year, well beyond the Nov. 23 deadline for the panel itself to reach an agreement. That would put off painful political decisions but ensure that the debate over deficit reduction stretched into the election year.
“There could be a two-step process that would hopefully give us pro-growth tax reform,” Representative Jeb Hensarling of Texas, the top Republican on the panel, said Sunday on the CNN program “State of the Union.”
Members of Congress and their aides said they were still skeptical that the panel could agree on a mix of spending cuts and revenue increases to reduce budget deficits by $1.2 trillion over 10 years, the minimum set by law.
(More here.)
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