House Dems to Boehner: Put revenues on table

More than half of House Democrats are calling for tax revenues to be part of the discussions to roll back federal deficits.

Top Republican lawmakers have said that increasing revenues was the one approach off the table when it comes to deficit reduction. But Rep. Jan Schakowsky (D-Ill.) and 108 other House Democrats, in a letter dated Monday, said that position jeopardized the chances for a bipartisan agreement.

“Revenues must be a component of addressing our deficit and debt problems,” the Democrats wrote to Speaker John Boehner (R-Ohio). “Solving our fiscal problems with spending cuts alone would be devastating to our economy, to the middle class, and to vulnerable populations like seniors and low-income families.”

For their part, Republicans have been steadfast that the country’s fiscal problems are due to excess spending. 

Rep. Eric Cantor (R-Va.), the House majority leader, has also signaled to colleagues that discussions with Vice President Joe Biden and other lawmakers over a deal to raise the $14.3 trillion debt ceiling are moving into health care entitlements.

Boehner has said that any deal will have to spending cuts greater than the amount the debt limit is increased. 

In their letter, the House Democrats also point to polling that suggests Americans support higher tax rates for the wealthy and rolling back tax credits and deductions used by the oil-and-gas industry. 

Schakowsky has introduced legislation that would implement incrementally higher tax rates on income over $1 million a year.