(CNSNews.com) – A group of Republican senators are “open to $600 billion in revenue” to reach a deal with the White House regarding the debt ceiling limit later this fall, according to the National Journal.
In recent weeks, Senators John McCain (R-Ariz.), Kelly Ayotte (R-N.H.), Saxby Chambliss (R-Ga.), Johnny Isakson (R-Ga.), Bob Corker (R-Tenn.), Lindsey Graham (R-S.C.), John Hoeven (R-N.D.) and Richard Burr (R-N.C.) have attended at least four meetings with top Obama aides, engaging in preliminary talks over how to raise the debt ceiling.
According to Burr, Republicans are open to $600 billion in revenue, but “want to see it come from a mix of entitlement and tax reform," reported the National Journal.
All the senators reported to be in the meetings have signed the Americans for Tax Reform pledge to not raise taxes, except for Sen. Hoeven. The pledge states that the senator must oppose all tax rate increases and any net reduction or elimination of deductions and credits—unless accompanied by cuts in rates. (See Taxpayer Protection Pledge 113thCongress(1)(2).pdf )
The U.S. is expected to hit its borrowing limit of $16.699 trillion later this year. Congress and the president must agree on a deal to raise that debt ceiling, and the sides remain far apart.
The White House is still insisting on the offer it made in December to avert the fiscal cliff, which included tax hikes of $600 billion and $400 billion in cuts to Medicare.
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