Page 7 - Spending Reduction News Today

And asking wealthiest americans to contribute. >> that was earlier today. earlier also we heard from speaker bane been a on potential tax increases who said this -- the president has gotten his revenue already. gotten it, period. >> hes correct. operation of law, bush tax cut expire midnight on december 31, president got some of the taxes he was looking for and got them on the high income people. not by anybody who vote but the law expired. the tax issue is over. we made a commitment, bret, back...

You. >> good to see you, chris. >> tell me what you think is going to happen inside this first meeting. >> well, i think obviously were going to get fully brief odd whats in the senate bill? most members havent had a chance to read it. were going to have some interesting discussions. i think theres obviously a concern on a number of areas. >> tell me where you think those discussions will focus, where the concerns will focus? >> the big single concern will be there is not enough in terms of spen...

Divide between both parties, republicans say the problem is about spending and democrats say it is all about lack of revenue, how -- how does -- is that bridged in this year? can it be bridged? >> yes, it can. both president obama and speaker boehner have already begun to do a principle compromise. speaker boehner said im ready to raise taxes on those over a million dollars. president obama said im ready to have a new type of chain to consumer price index which -- impacts entitlement reform. the...

You. >> kansas congressman tim huelskamp one of the four republicans stripped of his committee chair explained why he bucked to the speaker today on "morning joe." >> i disagreed with john boehner, actually caving on tax. he went over to the white house over the weekend and said well raise the debt ceiling for a year and take a lever out of the hands of republicans but he did that without the support of the conference as we found out. >> sherman was there for what he calls behind-the-scenes gop ...

Understand that the nation faces largest tax increase in its history come january 1, 2013. this bill is a bill that provide permanent tax relief for taxpayers earning a million dollars and under. we protect 99.81% of american taxpayers from a tax increase in these very difficult economic times. we hope that the senate will take this bill up along with the spending reduction act and get the job done in lieu of, or absent any kind of agreement coming from the white house. we are again taking concr...

Leader selling plan b. >> we protect 99.81% of american taxpayers from a tax increase in these very difficult economic times. we hope that the senate will take this bill up along with the spending reduction act and get the job done in lieu of or absent any kind of agreement coming from the white house. >> reporter: i should point out we expect to hear from speaker john boehner is about an hour or so. itll be interesting to listen to his tone. but other leading republicans ive spoken with today s...

Bringing this goal forward. together, with our vote today, to extend permanent tax relief in the middle class for the middle class and small businesses, we house republicans are taking concrete actions to avoid the fiscal cliff. absent a balanced offer from the president, this is our nations best option and senate democrats should take up both of these measures immediately and the president has a decision to make. he can support these measures or be responsible for reckless spending and the larg...

[ inaudible ] >> the nation faces the largest tax increase in history come january 1, 2013. this bill is a bill that provides permanent tax relief for taxpayers earning $1 million and under. we protect 99.81% of american taxpayers from a tax increase in these very difficult economic times. we hope that the senate will take this bill up along with the spending reduction act and get the job done in lieu of or absent any kind of agreement coming from the white house. we are again, taking concrete a...

Going to cave in at all on higher taxes, let it happen at the same time. we pass a bill, higher taxes, a lot more spending reduction, and it goes in effect in june when the spending reductions are done. were not going to take it on the come, were going to get it when it happens together. >> sean: if they do that, you know and i know the spending cuts arent coming. whats frustrating to me. speaker boehner co-oped obamas language with raising taxes on the rich. im saying, wait a minute, there are ...

Most republicans and democrats do. i think its time for the president, he knows that theres a growing body of folks willing to look at the rate on the top 2% but thats only -- could be $400 billion, it made be 800 billion-dollar and many of us are beginning to see we could end up with a lesser revenue increase by agreeing to that. the shift in focus and entitlements is where we need to go. its a shame were not sitting down and solving this but republicans know that they have the debt ceiling tha...