McHenry: Raising Taxes is a Bad Deal

McHenry: Raising Taxes is a Bad Deal

On Wednesday, Congressional members from both sides of the aisle struggled to gain momentum on an agreement to cut the federal deficit by $1.2 trillion over the next decade.  The negotiations are currently at a standstill because neither side can agree on taxes.  Democrats have insisted tax increases are needed in any agreement. 

In recent days, Republicans on the super committee have entertained the idea of new tax revenues; however, now Democrats are saying it is not enough and are pushing for more.   In a Bloomberg Businessweek article, U.S. Congressman Patrick McHenry (R-NC) was quoted saying, “We’re ceding the high ground here.  Raising taxes is a bad deal.  I think it’s harmful to the economy.  I think it is destructive to this nascent economic recovery, and is bad politics as well.”

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