White House Endorses Senate Plan to Offset Sequester with More Taxes
The White House has endorsed a plan Senate Democrats proposed to offset the sequester with more tax revenues, insisting House Republicans adopt it as well.
On Thursday, House Speaker John Boehner (R-OH) said President Barack Obama just wants "more stimulus spending that we know doesen't create jobs."
"If the president wants more tax hikes that destroy jobs, then his Democrat allies in the Senate ought to take it up," Boehner said.
White House press secretary Jay Carney said he hoped "Congressional Republicans back off their insistence of" more spending cuts and insisted "the American people overwhelmingly support" the Senate plan.
Democrats claim the Senate plan "would offset the sequester with a $110 billion plan split evenly between spending cuts and the elimination of tax loopholes."
The Senate plan also "includes a variation of the so-called Buffett Rule, which would set a minimum effective tax rate of 30 percent for those making more than $2 million annually."