Republicans stand firm on not raising Tax rates

Congressional leaders took a hard line on taxes ahead of a meeting Friday at the White House, with rank-and-file Republicans expressing opposition to a “fiscal cliff” deal that would bring in more revenue to the government.

House Speaker John Boehner (R-Ohio) has said Republicans could accept new revenues, but not tax-rate hikes, as part of a broad deficit deal, but President Obama and Sen. Charles Schumer (D-N.Y.) said it was unlikely that eliminating loopholes and capping deductions could raise enough revenue to gain their support.

Schumer, the third-ranking Senate Democrat, said Congress could not raise the approximately $1.5 to $1.6 trillion in revenue the president wants solely by scaling back deductions and loopholes, unless it violates Obama’s pledge not to increase the tax burden on the middle class.

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