Republican Leadership To Break “No Tax Pledge”
In a post-meeting press opportunity this morning, Congressional leadership made it clear that both tax increases and spending cuts are on the table. After having met together at the White House, House Minority Leader Nancy Pelosi (D) stated that we need “investment cuts” (spending cuts), and Senate Minority Leader Mitch McConnell (R) admitted that we need “revenue” as part of the solution. These are the positions they have both fought against, but now seem to accept.
Many members of the Congress have signed a “no tax pledge” that is pushed by Grover Norquist. He has been firm in the past that he will utilize Americans for Tax Reform and his own resources to fight against any office holders who break their pledge.
Only the coming weeks and months will show how much power Norquist truly has, and whether he can flex his muscles with those who signed his pledge.
Of course, if he does threaten his signatories in to submission, then we have a fiscal cliff that seems to have no other mutually agreed upon solution other than “some cuts and some revenue.”by