by Randy Shannon
Pennsylvania’s Pat Toomey says cut Medicare and Medicaid. May his first term be his last term. 2016 RIP.
Toomey modifies his plan to include tax hikes on rich
WASHINGTON — Tax hikes on the wealthy won’t solve the impending fiscal crisis, said Sen. Pat Toomey, R-Pa., but he’s willing to go there if it will get Democrats to agree to cut spending.
“This is a spending problem, a structural spending problem, and that’s what needs to be fixed,” he told Pennsylvania reporters on a conference call Monday. “But I acknowledge that elections have consequences and the president is fixed on raising taxes.”
President Barack Obama has been touting a plan that would raise taxes on families earning more than $250,000 a year.
The aim is to avoid the so-called “fiscal cliff” or $600 billion worth of tax hikes and spending cuts that, taken together, could devastate the national economy and send the country back into a recession.
Republicans like Mr. Toomey have reluctantly agreed to increase taxes on the wealthiest Americans, but they won’t entertain a separate vote on that measure alone. Rather they want the increase to be part of a sweeping package that also includes spending cuts.