Hoyer: Raising Taxes a Realistic Option

From The Hill: “Tax increases may be necessary to rein in $12 trillion in federal debt, House Majority Leader Steny Hoyer (D-Md.) said Monday. Hoyer emphasized the need to reform Social Security and Medicare, but he also made it clear that raising taxes will have to be on the table. “No one likes raising revenue, and understandably so,” Hoyer said in an address at the Brookings Institution. “But if you’re going to buy, you need to pay. “If need be, I am hopeful that both parties will agree to look at revenues as part of the solution — not as a gateway to higher spending, but as part of a compromise that cuts spending and balances the budget,” he added. Hoyer, a voice for centrists in the House leadership, said reining in record debt requires a combination of spending cuts and tax increases. “It seems to me that the only solution that can win the support of both parties is a balanced approach: one that cuts some spending and raises some revenue while avoiding extremes in either direction,” he said. Tax and budget experts suggest enacting only tax increases or relying only on spending cuts just won’t work. The White House projects this year’s deficit to hit $1.6 trillion, and it expects annual deficits to average $850 billion over the next decade. Deficits will rise after that. …”

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