But clearly it’s not over for House Minority Leader Nancy Pelosi, California Democrat, who on Sunday described the revenue increase negotiated in last week’s deal on the “fiscal cliff” as “significant” but “not enough.”
“We’re taking a look at the tax code, putting everything on the table,” Mrs. Pelosi said on CBS’ “Face the Nation.” “From a standpoint of closing loopholes, we know that we can do that — special subsidies for big oil, for example, $38 billion right there. But again, not to take things in isolation, but to say, ‘How much more revenue can we get as we go forward?’”
Meanwhile, Republicans insist that the time has come to focus on spending cuts in the aftermath of the fiscal cliff agreement and as Congress faces looming deadlines on three more knotty fiscal issues in the debt ceiling, the sequestration and the budget resolution.
“The tax issue is finished. Over. Completed,” Mr. McConnell said on ABC’s “This Week.” “That’s behind us. Now the question is, what are we going to do about the biggest problem confronting our country, and that’s our spending addiction.”
The statements by the congressional leaders point to the likelihood of yet another showdown on budget-related issues, just one week after Congress narrowly avoided going off the fiscal cliff by striking an eleventh-hour deal.
Republicans, who agreed to put off discussion of most spending cuts in order to get the deal done by the end of the year, said they had no interest in revisiting revenues until Democrats agree to major spending cuts to reduce the deficit.
“It certainly underscores the voracious appetite for more taxes on the other side,” Mr. McConnell said on CBS’ “Face the Nation,” part of his Sunday hat trick in appearing on three morning news shows.
Without significant spending cuts and entitlement reform, Republicans and Democrats have agreed that no long-term budget solution is possible. Even so, President Obama has yet to prioritize spending reform, said Mr. McConnell, Kentucky Republican.
“I wish the president would lead us in this discussion rather than putting himself in the position of having to be dragged kicking and screaming to discuss the single biggest issue confronting our future,” he said.
Rep. Jim Jordan, Ohio Republican, said he was stunned at the idea of making revenue a higher priority than spending.
“Mitch McConnell is exactly right,” he said on “Fox News Sunday.” “They just got revenue. We’ve got to cut spending. We’ve got a $16 trillion debt. The credit card is maxed out.”
Mrs. Pelosi said she wanted to consider a variety of options and emphasized that nothing was off-limits except a tax increase on the middle-class.
“Let’s put on the table what it is that we can to increase revenue,” said Mrs. Pelosi. “We’ve changed the rate — the high-end rate is 39.6 [percent], a very important step — and yet there’s much more we can do.”
When asked about another tax increase on the highest earners, she answered, “I’m saying that’s not off the table,” though she included the caveat “not in terms of tax rates, but in terms of other considerations.”