President Joe Biden says revenue, not just spending, is on the table in debt ceiling negotiations.
Biden told reporters in Japan that he has agreed to spending cuts, but the other side of the ledger has equal weight."If you all were doing your budget at home and you said, 'Okay, we have to make some cuts,' would you only look at the spending? Or would you also look at your income?'" Biden said during a press conference in Hiroshima."Part of what I've been arguing from the beginning is the need to consider the tax structure as well as cutting spending.
"There's a lot of things that they refuse to look at in terms of tax generation, as well as what kinds of people we're going to increase taxes for," he said."We went from having roughly 740 billionaires to 1,000 billionaires in America. They're paying an average tax rate of 8%." He called for having the billionaires pay closer to 15% in taxes, along with increasing the number of IRS personnel to generate up to an additional $400 billion in tax revenue."It's not a revenue problem. It's a spending problem," House Speaker Kevin McCarthy said last week.CLICK HERE TO READ MORE FROM THE WASHINGTON EXAMINER
"There’s a lot of things that they refuse to entertain," Biden said."And they just said revenue is off the table. Well, revenue’s not off the table. And so that’s what we continue to have significant disagreement on, the revenue side." Biden is wrapping up his trip to Japan for Group of Seven meetings and said he would talk to McCarthy during the plane ride back to Washington.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Bitcoin, Gold Still The Best Insurance Against Corruption and Incompetence, Says KiyosakiThe author of Rich Dad, Poor Dad had some harsh words against US President Joe Biden.
Read more »
Video of Joe Biden struggling with umbrella in Japan goes viralThe U.S. president is in Hiroshima for a G7 summit that Ukrainian President Volodymyr Zelensky is also expected to attend.
Read more »
White House spars over President Biden's lack of urgency amid debt ceiling negotiationsWhite House Press Secretary Karine Jean-Pierre sparred with Fox News Channel's White House correspondent Peter Doocy about President Biden's lack of involvement in the debt ceiling negotiations.
Read more »
Joe Biden impeachment articles have meritRep. Marjorie Taylor Greene this week announced plans to file articles of impeachment against President Joe Biden because of his failures to enforce America’s borders. Unlike the fabrications that went into the impeachments of Donald Trump, the claims against Biden are true blue.
Read more »