No New Taxes!
House Majority Leader Eric Cantor, Republican of Virginia, said Thursday that he was quitting the debt ceiling negotiations being led by Vice President Joseph R. Biden Jr. because of an impasse over the role of taxes in any final deal. “I believe that we have identified trillions in spending cuts, and to date, we have established a blueprint that could institute the fiscal reforms needed to start getting our fiscal house in order,” Mr. Cantor said in a prepared statement. “That said, each side came into these talks with certain orders, and as it stands the Democrats continue to insist that any deal must include tax increases. There is not support in the House for a tax increase, and I don’t believe now is the time to raise taxes in light of our current economic situation. Regardless of the progress that has been made, the tax issue must be resolved before discussions can continue.”
Let the caving begin! Actually, the President has a pretty strong legal argument that he actually does not need the debt ceiling raised. The 14th Amendment to the Constitution provides:
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