WASHINGTON — As lawmakers return Monday and resume talks on the fiscal cliff, Republicans are continuing to firmly oppose raising taxes to drive new revenue.
The question of new revenue is the chief sticking point as talks move forward to prevent $500 billion in spending cuts and tax increases from taking effect at the end of the year. Democrats have advocated letting a tax cut expire for the wealthiest 2% of Americans; meanwhile, Republicans have insisted that any revenue must come only from reforms to entitlement programs and by closing tax loopholes.
“The ‘fiscal cliff’ would hurt our economy and cost jobs,” said one House Republican leadership aide. “Congressional and White House staff continue to work to find common ground that is consistent with the ‘balanced approach’ the White House says it wants — with significant spending cuts, and without job-killing small business tax hikes.”
Discussions are ongoing between White House and congressional staff, but another meeting between the president and leaders in Congress has not yet been scheduled, the aide said.