GOP Senator: ‘Absolutely’ No Tax Increases as Part of Debt Limit Deal

By Nicholas Ballasy | June 23, 2011 | 5:17 PM EDT

( - Sen. Mike Lee (R-Utah) told that he would “absolutely not” support any tax increases as part of a deal to increase the debt limit.

Lee was asked if he agreed with Treasury Secretary Tim Geithner that revenue increases should be part of a negotiation on the debt limit because spending cuts alone are “irresponsible.”

“I’m fine with revenue increases as long as they don’t involve tax increases. There are other ways of increasing revenue. They could expand their use of federal public land through extension of oil and gas leases and so forth. If they want that kind of revenue increase, I’m all for that,” said Lee after endorsing the “Cut, Cap and Balance Pledge” during a press conference at the Capitol on Wednesday.

Politicians who support the pledge vow to vote against raising the debt limit unless Congress adopts a balanced budget amendment to the Constitution and implements budget cuts and caps on federal spending.

Lee was then asked if he would support any tax increases, specifically.

“No. Absolutely not. We can’t afford a double dip recession right now, and that’s exactly where that would take us,” said Lee.

“You take the same people whose investment dollars are needed to create jobs and you penalize them and you tell them you’re going to get to keep less of your, the rewards from your investment than you would otherwise take – that’s going to chill rather than promote investment. And if you do that, we’re going to have fewer jobs rather than more at a time when we can least afford to hemorrhage jobs.”