By Meghashyam Mali - 06/26/11 03:32 PM EDT
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.
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.”
President Obama will launch a new round of talks this week with Senate leaders Harry Reid (D-Nev.) and Mitch McConnell (R-Ky.).