House Speaker John Boehner (R-Ohio) said Tuesday that House Republicans would work next week to "stop the looming tax hike" set to occur when the President George W. Bush-era tax rates expire.
"We're the only one's in town who have offered a plan to stop the tax hikes that threaten our economy and to stop the sequester that's coming that will cut defense and hurt our ability to provide security for the American people," said Boehner at the weekly House Republican leadership press conference.
Boehner said if the tax hike is not prevented it could cost the economy 700,000 jobs, citing a report issued by accounting firm Ernst & Young.
In a closed-door meeting before the press conference, Boehner urged his colleagues to “stay on offense” this election season, calling on lawmakers to continue pounding the White House on tax cuts and looming massive defense cuts.
In the meeting Boehner said House Republicans had already acted on the “looming defense sequester, which will hit our military with arbitrary cuts that will endanger our security.”
Speaking to reporters, Boehner also touted legislation that the House will vote on this week to "stop excessive regulations that hurt small businesses."
"This bills that will moving this week will cut through the red tape and freeze new regulations until unemployment is at or above 6 percent," he said.
Read more on the GOP tax cut plan and Boehner's closed-door meeting Tuesday.
