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Fed-Up GOP to Obama: No New Taxes
David A. Patten and Kathleen Walter
The breakdown in talks over raising the debt ceiling has put Democrats and Republicans back on a collision course with just 40 days remaining to meet a deadline that, if missed, could send financial markets and interest rates into a tailspin.
By pulling out of debt-ceiling talks after Democrats insisted on $400 billion in new taxes, GOP leaders said they intended to send a loud-and-clear message to President Barack Obama: No new taxes!
“We’ve known from the beginning that tax hikes would be a poison pill to any debt-reduction proposal,” GOP Senate Minority Leader Mitch McConnell declared Thursday. “Those who are proposing them now either know this, or they need to realize it quickly.”
Leading Republicans protested Friday that Democrats have known from the beginning that tax hikes were a complete non-starter for the Republican caucus.
June 24, 2011