Clinton: Obama shouldn't 'blink' on GOP opposition to tax-revenue increases

Former President Clinton doesn't want the White House to "blink" if Republicans continue to demand a debt-ceiling increase deal be free of tax increases.

"I hope that won't happen. I don't think they should blink," Clinton said according to The Atlantic about the possibility President Obama might concede to the "no additional taxes" stipulation in the final compromise.

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Instead, Clinton said while speaking at the Aspen Ideas Festival in Aspen, Colo., on Saturday, if Republicans continue to insist on no new revenues, Obama should seek a short-term debt-ceiling increase deal centered around spending cuts that both Democrats and Republicans have already agreed to.

"There are some spending cuts they agree on," Clinton said.

He added that Obama could take what both Republicans and Democrats have agreed to and extend the debt ceiling for just six or eight months.

"I don't think you can agree to some mega-deal on their terms," Clinton said. "And so I think as they get closer I believe they will agree on a more modest package of cuts and the Republicans, if I were in their position, I would say this only counts for six months or eight months or whatever but we don't want to let the American people's credit go under, let our credit get downgraded."

Clinton's comments came less than 24 hours before Sen. John McCain (R-Ariz.) said that Americans did not want a debt-ceiling increase deal to include additional taxes. Both McCain's and Clinton's comments are roughly representative of where Democrats and Republicans stand on the negotiations.

A bipartisan commission of legislators led by Vice President Biden appears to have reached an impasse as Republicans insist that a debt-ceiling deal have no additional taxes while Democrats call for additional revenues.

Last week a fiery Obama criticized Republicans for stubbornly opposing any additional taxes on the wealthiest Americans, and urged them to embrace closing tax subsidies for oil-and-gas companies.

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