House Republican leaders said Wednesday they’ve done their job in negotiations to solve the looming fiscal crisis, while President Obama is returning to the campaign trail to sell tax hikes that studies show won’t have much, if any, effect on solving the problem.
“We have done our part by putting revenue on the table,” said House Majority Leader Eric Cantor.
Cantor and fellow House leaders have agreed to close tax loopholes to generate revenue to reduce the $1.1 trillion annual deficit. But they argue the president has yet to say publicly what cuts he will make to the federal budget — specifically to costly entitlement programs such as Medicare, Medicaid and Social Security — to reduce the deficit.
They also say the president’s plan to extend tax cuts only to middle-class Americans will not generate enough revenue to significantly reduce the deficit.
The leaders made their argument the same day Gene Sperling, director of the president’s National Economic Council, laid out the general math facing the country should Congress and the White House fail to reach an agreement, which some economists say would force the country off the so-called “fiscal cliff.”