Amidst all the divisive talks that have occurred over sequestration, one fact has become abundantly clear: Democrats want to increase revenues. With Friday’s budget cuts set to take effect and a looming government shutdown March 27th, notable Dem leaders have hinted that any progress will have to start with more taxes, Politico reports:
“’Reid was noncommittal on the CR, but he insisted his party would seek new taxes as part of a deal to reverse the sequester.
’We cannot solve the problems of this country with cuts, cuts, cuts. We’ve cut $2.6 trillion. We need to do more. But we’re going to do it with — in a balanced approach.’”
Reid’s comments may not come as a shock, but rather, an unfortunate glimpse into the upcoming talks to renew the stopgap continuation.
In an estimate put forth today by the non-partisan Congressional Budget Office, economists recommended changing to a new, lower inflation adjustment known as the chained consumer price index. If the proposal went through, the government would curb federal spending by $198 billion incrementally over the next ten years.