Senate budget leaders made it clear Sunday that deep divisions remain over how to rein in the nation's debt and avoid the looming ''fiscal cliff'' of tax hikes and budget cuts. Senator Patty Murray (D-Washington) said on ABC's This Week that Democrats were open to allowing all Bush-era tax cuts to expire on Dec. 31 if Republicans won't allow new revenues to cut the debt load. (November 11, 2012)
It's. Limit total deductions and exemptions. For those above 250000. Dollars. What you can fit essentially do -- raise all sorts of my. Well which nobody's that nobody really wants to increase revenues. Because it does have a negative detrimental effect on the economy. But in fact that's the part of the bargain that you have to do and where historical lows on revenue. I agree that we have to go there about how we go there is very important in terms of the incentives for capital investment in this country. And we have to do it in a way that does not diminish them. President campaigned. On letting. The bush tax cuts expire. Above people for two of 250000. Dollars income he campaigned on it clearly he didn't back off from it. He exit polls showed that 60% of the people who agreed with that what what's messed up these agreements as revenues. We never really get real revenues because people believe in some things like dynamic scoring sort of a counter intuitive you. That if you cut taxes you look at. Oh deficit reduction and increased. Government revenues that doesn't make sense. We've got to get this economy go and give him. We've had an outside group Ernest and young look at the you raising of the did the taxes on the highest income earners what they concluded was. We would immediately lose 700000. Jobs in America. That is that the kind of economy say that this pros who wants to start out with the in his second term I don't think so. We increased our majority in the senate with democratic candidates who said that solve this problem the wealthiest Americans have to pay their fair share to. So if the Republicans will not that don't agree with that we'll reach a point at the end of this year where all the tax cuts expire. We'll start over next year. And whatever we do will be a tax -- for power whatever package we put together and that may be the way to get past. This is something we -- -- on the taxes on middle class families should not go up. Congress should permanently extend middle class tax cuts right now even as we negotiate a broader deficit reduction package. There's no reason to wait. We know there will be differences and disagreements in the months ago but part of what makes our political system work. On Tuesday you said loud and clear that you won't tolerate dysfunction. Or politicians who seek compromise history. I want so many of your families are still struggling. Instead you want cooperation. You want action but. -- Clinton delivered my second term.