Pelosi Suggests More Revenue Raising on the Way
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Chris Maddaloni/CQ Roll Call(WASHINGTON) — If Republicans believe the issue of raising revenue is over because a fiscal cliff compromise deal was passed, House Minority Leader Nancy Pelosi says that GOP lawmakers have another thing coming to them.
Appearing on CBS’ Face the Nation, the California Democrat was insistent that the White House and Democrats aren’t done trying to produce more revenue even as a huge fight looms over what spending cuts will be necessary to bring down the enormous national debt.
Pelosi said President Obama was initially seeking $1.6 trillion in additional revenue and eventually settled for $1 trillion less through the end of Bush-era tax breaks for the wealthiest Americans. She believes that closing tax loopholes and deductions would also help bring in more revenue.
As for what cuts to make to entitlements, Pelosi argued against trimming benefits to Social Security beneficiaries or raising the eligibility age for Medicare.
Disagreements with Republicans are setting the stage for another giant struggle over raising the debt ceiling, which the GOP says should be balanced with an equal amount of spending reductions.
Pelosi’s solution? She called on the president to invoke the 14th Amendment that would presumably allow him to raise the debt ceiling unilaterally without interference from Congress and thus avoiding default on U.S. debt.
However, it’s a move that could be legally challenged and might even raise the specter of impeachment since some would charge Obama with acting in a dictatorial fashion.
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