Bluefield Daily Telegraph, Bluefield, WV

National and World

November 8, 2012

Obama, GOP leaders lay down markers on budget deal

(Continued)

Former Senate Democratic leader Tom Daschle said the postelection congressional session offers a good chance to reset the dynamics between the White House and congressional Republicans in search of compromise.

"I think there's the urgency of the matter that probably goes beyond anything we've seen to date," he said. "The urgency of the repercussions of driving off the cliff are so grave that I can't imagine that failure is an option."

Both Biden and Reid pointed to election exit poll results showing that most Americans support higher taxes on the wealthy.

Biden said there was "a clear sort of mandate about people coming much closer to our view about how to deal with tax policy," adding that "there's all kinds of potential to be able to reach a rational, principled compromise."

Boehner, for his part, said that for Obama to get support for new revenues "the president must be willing to reduce spending and shore up the entitlement programs that are the primary drivers of our debt."

"We aren't seeking to impose our will on the president. We're asking him to make good on his 'balanced' approach," the Ohio Republican said on Capitol Hill.

The reference to a balanced approach to deficit reduction reflected Obama's campaign-long call for higher taxes on incomes above $200,000 for individuals and $250,000 for couples. That was something Boehner made plain he opposes.

The House speaker said conditions on higher taxes would include a revamped tax code to make it cleaner and fairer, fewer loopholes and lower rates for all, adding that "we're closer than we think to the critical mass needed legislatively to get tax reform done."

Boehner did not specify what loopholes House Republicans might consider trimming.

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