Sen. Sessions: Closing tax loopholes in debt limit compromise is a tax increase

The ranking Republican on the Senate Budget Committee shot down the idea of closing tax loopholes as a possible way to compromise on a debt ceiling increase. 

In an interview with The Hill on Friday Sen. Jeff Sessions (R-Ala.) said that he considered closing tax loopholes a tax increase and therefore something that should not be in any final agreement.

"I don't think it's necessary to have tax increases in the final compromise and I think it's dangerous to do so," Sessions said on Friday. "It is [a tax increase]."

Sessions added though that he was open to examining any proposed deal.

"To reach an accord that's really historic, we'll need to discuss with one another all the ramifications of all the proposals," Sessions said.

Earlier Friday, House Speaker John Boehner (R-Ohio) issued a strongly worded statement expressing opposition to any kind of debt ceiling increase compromise that included tax increases. Boehner did not mention opposition to closing loopholes in his statement. 

Boehner's statement came a day after House Majority Leader Eric Cantor (R-Va.) announced that he would no longer participate in negotiations on increasing the debt limit led by Vice President Biden. Cantor said he quit because Democrats would not agree to a compromise that did not include tax increases.

After the group's breakdown, President Obama and the vice president will meet with Senate leaders on Monday to discuss negotiations on raising the debt limit, the White House announced Friday.

The meetings are intended to "to find common ground on a balanced approach to deficit reduction," the White House said.

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