Report: GOP, Obama Agree Rich Will Pay More

Thursday, 06 Dec 2012 05:28 PM

By Bill Hoffmann

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More and more Republicans want House leaders to back off their no-higher-taxes-for-the-wealthy war cry and concentrate on a major deal to the costs of Medicare and Social Security, The Washington Post reports.

Meanwhile, a GOP source tells CNN Republicans and the president have agreed the rich will pay more, but how much and what concessions Obama will offer in exchange remain to be hammered out.

By stepping away from their earlier stance, the GOP would be bowing to President Barack Obama, who insists he’s ready to take the plunge over the fiscal cliff unless he’s allowed to raise taxes on the wealthiest 2 percent of taxpayers.

Editor’s Note: Who’s to Blame for the Fiscal Cliff? Vote Here!

“I and some others are advocating giving the president what he wants,” Ohio Rep. Steven C. LaTourette,’’ told the newspaper, adding that in exchange, a deal must be made to slow the deal federal borrowing reduce the debt up to $5 trillion.

“Quite frankly, some people in this 2 percent who call me, they’re more worried about the fiscal cliff than about the rates going up a couple points. That has bigger risk for them.”

Sen. Tom Coburn (R-Okla.), a champion of smaller government, echoed LaTourette.

“Personally, I know we have to raise revenue. I don’t really care which way we do it,’’ he said on MSNBC. “Actually, I would rather see the rates go up than do it the other way, because it gives us a greater chance to reform the tax code and broaden the base in the future.”

CNN reported Thursday that both Republicans and Democrats have “agreed the wealthy will pay more, so now the fiscal cliff talks come down to how much Republicans can wring out of the White House in return for giving in on taxes.’’

While fiscal-cliff negotiations had been stalled, a GOP source told CNN that talks between staffers resumed Thursday.

Editor’s Note: Who’s to Blame for the Fiscal Cliff? Vote Here!

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