Republican Sen. Corker opens door to raising rates as part of fiscal deal

[WestVirginiaRebel]

Fox News:

Another Republican senator opened the door Sunday to raising rates on top earners as part of negotiations over the looming fiscal crisis -- saying the concession would shift the focus to entitlement reform.

Sen. Bob Corker, in doing so, joins a small but growing group of Republicans who say the party should cave to President Obama on this issue in order to not only resolve the current crisis but move on and start negotiating spending cuts, which could result in more significant deficit reduction. Without a deal, taxes are set to rise on everybody in 23 days.

"There is a growing group of folks that are looking at this and realizing that we don't have a lot of cards as it relates to the tax issue, before year-end. I mean, we have one house, that's it," Sen. Bob Corker, R-Tenn., said on "Fox News Sunday."

Corker said the idea has "merit" that Republicans should let rates rise on the top 2 percent in order to then press for cuts to entitlements in return.

"The focus then shifts to entitlements, and maybe that puts us in a place where we actually can do something that really saves this nation," Corker said. "I actually am beginning to believe that is the best route for us to take."

Corker said Obama has "some leverage," but also said Republicans will soon have leverage to get what they want considering the looming vote on the debt ceiling and the expiration early next year of the current short-term budget law.

Despite a more gloomy outlook from Republicans on the House side, Corker indicated he's optimistic about a deal. "I do think something's going to happen," he said.

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Raising the white flag?

[Argyle58]

Okay, how can these Republican Congressmen NOT see that any tax hike has no bearing at all on deficit reduction. Even if the Democrats follow through on a promise of "spending cuts" next year, the combination of the two will only reduce the deficit by 7% over a 10 year period. Without the cuts, 3%.

 

And let us not forget that all of us working Americans get to pay an additional .9% in payroll taxes come January first for Obamacare, plus the 2% holiday on withholdings expires as well. So all of our paychecks will automatically be 3% smaller, even if they extend the Bush tax rates. If they do not extend the Bush rates, look for an average of an ADDITIONAL 8% in withholdings, depending on your income and filing status.

 

Enjoy Christmas, and try to ignore the Obama/Boehner sponsored lump of coal at the bottom of your stocking.