The top two Republicans in the House are making it clear that raising taxes as a means of paying down the nation’s massive debt level is a non-starter for them.
In a speech to the Economic Club of New York on Monday night, House Speaker John Boehner (R-Ohio) tried to put an end to speculation that he might be willing to consider targeting revenues as part of a deficit solution.
“A tax hike would wreak havoc not only on our economy’s ability to create private-sector jobs, but also on our ability to tackle the national debt. Balancing the budget requires spending cuts and economic growth. We won’t have economic growth if we raise taxes and fail to address the drivers of our debt. The mere threat of tax hikes causes uncertainty for job creators — uncertainty that results in less risk-taking and fewer jobs. If we’re serious about balancing the budget and getting our economy back to creating jobs, tax hikes should be off the table.”
Boehner’s top lieutenant, House Majority Leader Eric Cantor (R-Va.), said Tuesday morning that he would be open to exploring tax reform, but that it would not entail higher taxes.
“Real tax reform,” Cantor said during an appearance on CNBC’s ‘Squawk Box,” equates to “bringing down rates.”
Later today, Cantor and other leading lawmakers will head down Pennsylvania Avenue to discuss deficit reduction with Vice President Joe Biden and other White House officials. The meeting will be the group’s second.