Sen. Kyl: Tax increases in deficit-reduction deal are a 'terrible' idea

Arizona Republican Sen. Jon Kyl reiterated his party’s opposition to tax increases in any deficit-reduction deal Sunday.

“We don't need new taxes right now. We need to reduce spending”, Kyl said on Fox News Sunday.

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“If you want to kill the economy, raise taxes. Are we going to vote to absolutely put another anchor around the neck of the economy which is struggling to try to recover here? Absolutely not. It's terrible policy.”

Friday, Republican Majority Leader Eric Cantor (R-Va.) withdrew from Vice President Biden’s talks to increase the debt ceiling in protest at Democratic calls to eliminate some tax breaks and subsidies. Democrats want certain revenue increases to be a part of any deal.

Sen. Kyl though did not close the door on potential revenue increases. “We’re perfectly willing to consider those kinds of issues in the context of tax reform, which we would very much like to do. But we're not going to have the time to do it or be able to do it in order just to raise revenue as part of the exercise which should be about reducing spending.”

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Kyl also called on the president to become more involved in the negotiations.” I think the president has to make a decision. Which is more important to him: solving this problem, reducing spending somewhat, or making sure that we raise taxes on American economy?” said Kyl.

President Obama will launch a new round of talks this week with Senate leaders Harry Reid (D-Nev.) and Mitch McConnell (R-Ky.).