Senator Tom Harkin is pushing to include “necessary revenue increases” in the still-elusive deal to raise the nation’s credit limit.
Harkin, who is a Democrat, says his office has been deluged with phone calls after President Obama’s Monday night speech.
“These calls have overwhelmingly supported my view that that we must pursue a balanced approach to reducing the deficit that includes both spending cuts and necessary revenue increases,” Harkin said in a recorded video message, “while continuing to make crucial investments in education, infrastructure, and research.”
Harkin warns that cutting too deeply into the federal budget would “impede” the economic recovery.
“In the interest of compromise, Senate Democrats have put together a plan that will reduce the deficit and resolve the debt ceiling standoff,” Harkin said. “Make no mistake — this is not a perfect plan, but it is the best chance for preventing a default and a downgrade in our country’s bond rating, which will be expensive to every American family.”
Top Republicans in the House have drafted their own plan for resolving the nation’s debt dilemma and it does not include tax hikes.