(CNSNews.com) - Suggesting that tax increases should be included in the legislation that will followup on the recommendations of the special super-committee set up by last month’s debt-limit law, House Minority Leader Nancy Pelosi (D-Calif.) said on Thursday that Congress needs to “address revenue.”
Pelosi was speaking in an anticipation of a speech on economic issues that House Speaker John Boehner (R-Ohio) was gong to be delivering to the Economic Club of Washington on Wednesday.
“Speaker Boehner is going to call on the super-committee today to take on tax reform,” a reporter asked Pelosi at a morning press briefing. “Do you think that that also should be a top-priority for the super-committee? And what would you like to see? Do you want to see corporate tax rates go down to 25 percent?”
“Any tax reform and closing of loopholes, which is really important for us to do as a sense of fairness, must also reduce the deficit,” said Pelosi.
“You can’t just say we’re going to have reforms that are going to lower the corporate rate, which I would fully support, unless you have enough reform to reduce the deficit too because if you don’t, otherwise, all of the reduction of deficit will have to come out of the [spending] cut side and I just don’t think that’s fair, nor part of the balance that the American people are seeking,” Pelosi said.
“We all agree, I think,” said Pelosi, “that the package [following up on the recommendations of the super committee] should be a significant one--even bigger than required by the legislation, that it should be balanced, that we need to address revenue, and I’m glad that he’s putting revenue on the table.
“It should address cuts and cost-effectiveness in terms of the initiatives we invest in,” said Pelosi. “But, first and foremost, we will reduce the deficit if we create jobs [and] bring revenue into the Treasury.”
The bi-partisan super-committee was mandated by the law President Obama signed last month that increased the debt limit by 2.4 trillion. The committee is charged with coming up with a plan to reduce deficit-spending by $1.5 trillion over the next decade. If Congress fails to enact legislation to do that, $1.2 trillion in automatic budget cuts will take effect. Those cuts would be split 50-50 between domestic and defense spending.