Iowa Senator Tom Harkin is pushing for “necessary revenue increases” (i.e. “tax increases”) as part of the deal to raise the nation’s debt ceiling. From my friends at Radio Iowa:
Harkin, who is a Democrat, says his office has been deluged with phone calls after President Obama’s Monday night speech.
“These calls have overwhelmingly supported my view that that we must pursue a balanced approach to reducing the deficit that includes both spending cuts and necessary revenue increases,” Harkin said in a recorded video message, “while continuing to make crucial investments in education, infrastructure, and research.”
Harkin warns that cutting too deeply into the federal budget would “impede” the economic recovery.
“In the interest of compromise, Senate Democrats have put together a plan that will reduce the deficit and resolve the debt ceiling standoff,” Harkin said. “Make no mistake — this is not a perfect plan, but it is the best chance for preventing a default and a downgrade in our country’s bond rating, which will be expensive to every American family.”
Click here for the full story from Radio Iowa.