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Boehner: Closing loopholes should be reserved for tax reform

House Speaker John Boehner (R-Ohio) on Thursday said closing tax loopholes “needs to come as part of overall tax reform,” potentially dealing a blow to Senate efforts to use such revenue to offset the elimination of scheduled defense cuts.

Sens. Lindsey Graham (R-S.C.) and John McCain (R-Ariz.) are discussing a deal that would raise $40 billion to $50 billion in new revenue by closing some tax loopholes and increasing fees. The money would help cancel out much of the $55 billion in Pentagon cuts that are scheduled for 2103.

But House Republicans are intent on using many of those revenue sources to offset the cost of lowering the corporate and individual income rates in a broad tax overhaul.

Read more on The Hill'S DEFCON Hill Blog.