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Billionaire mayor Bloomberg says tax hike can pass Congress

New York City Mayor Michael Bloomberg said Sunday that there is a way to get a tax increase to pass in Congress.

 “If you’re going to raise taxes, you’re gonna have to raise taxes on everybody…but that’s the only ways your gonna get something through Congress.”

Appearing on NBC’s Meet the Press, Bloomberg said that he does not see a way to achieve a balanced budget without addressing both revenue and expenditures.”

“We cannot balance the budget, David,” he said to Meet the Press host David Gregory ”without increasing revenues and reducing expenses. If your gonna reduce expenses your gonna have to reduce expenses for everybody.”

President Obama has pushed in recent weeks to impose the so-called "Buffett Rule," which would ensure that the wealthiest Americans paid a higher tax rate than those in the middle class, a plan Bloomberg called, “just theatrics.”

Democrats also pushed for what they called a “balanced approach” during debt and deficit negotiations that would have included both an increase in revenues and spending cuts.


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