Representative James Clyburn, the assistant Democratic leader in the U.S. House, said the “odds are very, very good” that negotiators will agree on a $3 trillion to $6 trillion package of spending cuts and tax increases in time to raise the U.S. debt limit before an Aug. 2 deadline.
Any agreement with Republicans “absolutely” must include provisions to raise more revenue, even if it also cuts corporate tax rates, said the South Carolina lawmaker, who holds the third-ranking position in the House Democratic leadership and is part of a bipartisan negotiating group of Senate and House members led by Vice President Joe Biden.
“We cannot get an agreement without revenues” being raised, and absent that “I don’t think we can get to what our goals are,” Clyburn said on Bloomberg Television’s “Political Capital with Al Hunt,” airing this weekend.
Democrats will resist any Republican plan to reduce Medicare benefits for future recipients, he said.
“We are not going to reduce benefits at all” because Medicare is “a very important part of the safety net” in American society, Clyburn said.