Vice President Joe Biden and Treasury Secretary Tim Geithnerpressed Republicans to accept higher revenue to help curb deficits in talks aimed at achieving a plan to raise the U.S. debt limit before Aug. 2, two congressional aides said.
Republicans countered during the private meeting yesterday that any tax increase would hurt the economy and couldn’t pass the Republican-led House, said the aides, who spoke on condition of anonymity as lawmakers stepped up attempts to reach an agreement. The two aides weren’t authorized to discuss the talks publicly.
House Majority Leader Eric Cantor, who took part in the Biden-led meeting, said a new urgency is evident in the talks after signs that the U.S. job market is slowing. The group is prepared for a “robust series of meetings” to try to get results, he said.
“The news economically on the jobs front over the last couple of days, I think, underscored the importance of this meeting,” Cantor, a Virginia Republican, told reporters. “Much of the problem surrounding the lack of job creation and growth in this country has to do with the fact that there isn’t a credible plan to manage down the debt and deficit.”