Sen. Chuck Schumer, D-N.Y., predicted that the bipartisan deficit reduction committee charged with cutting $1.2 trillion from the deficit will fail to achieve that goal, based on the Republicans’ unwillingness to raise taxes.
“I don’t think the Supercommittee is going to succeed because our Republican colleagues have said no net revenues,” Schumer, the third-ranking Senate Democrat, said today on Morning Joe. His pessimism contrasted with House Republicans such as Rep. Mike Simpson, R-Idaho, who said Sunday that “members of Congress understand that you have to have additional revenue” and that “the market would start to tank if the super committee doesn’t come up with something.”
House Speaker John Boehner, R-Ohio, speaking to ABC’s Christine Amanpour, said that the Supercommittee “has to work.” Contrary to Schumer’s remarks, Boehner dismissed tax hikes as a viable proposal, but proposed a path towards increased government revenues. “[Democrats] basically increase taxes on the very [small businesses] that we’re hoping will reinvest in our economy and create jobs,” Boehner said. “I believe that we can create revenue out of fixing our tax code and bring that revenue to the table, as long as our colleagues on the other side of the aisle are serious about cutting spending.”
“No, no,” Schumer reiterated when asked again if the Supercommittee might reach an agreement. “They are not willing to do any revenues,” he said.
You can see video of Schumer talking about the Supercommittee below.
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