House Majority Leader Eric Cantor says Congress and the Obama administration are getting closer than ever to a budget agreement because Democrats have given up on seeking new taxes as part of upcoming budget talks.
"We know we have a difference of opinion," the Virginia Republican lawmaker said during a fundraiser in Tulsa, reports the Tulsa World.
"We have said no deal will include new revenue, and I think the other side has finally accepted that."
The fundraiser was being held for Oklahoma 1st District Rep. Jim Bridenstine at the home of Tulsa Mayor Dewey Bartlett.
Cantor told those attending that he hopes to see some project on a budget deal next week when lawmakers return to Washington "that will reflect what it is that we've been trying to do — that is, affect mandatory spending in this country."
Congress has not approved a budget during the Obama administration or how to curb budget deficits that stretched as high as $1.4 trillion during the recession and are now about half that amount, reports The Huffington Post.
Instead of a budget, the government has been operating on continuing resolutions, with the current one set to expire on Jan. 15.
However, the parties remain far apart when it comes to solving the deficit issues. While Republicans are seeking reforms to the government's entitlement programs, Democrats want fewer cuts to entitlement programs while allowing some tax increases, a plan Republicans reject.
Further, Republicans say the higher tax rates for wealthy Americans and fees associated with Obamacare are bringing in revenue, reports The Huffington Post.
Meanwhile, cuts to defense spending and other necessary services through sequestration are not the answer, Cantor said.
"Savings on (entitlement programs) are smarter than sequestration," Cantor said. "I'm hopeful we can manage a deal with no more continuing resolutions."
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