Rep. Hensarling on revenue increase: “I’m not voting for it”
Rep. Jeb Hensarling (R-TX) tells CNN’s Soledad O’Brien that he is not going to vote for an expiration of tax cuts for the top two percent.
Rep. Hensarling says, “The President’s going to get his revenue one way or the other. House Republicans will do everything we can to minimize the damage to our economy. We know that by raising the rates on the top two brackets, as the President wants to do – Ersnt & Young says will cost middle income workers at least two percent off their paychecks, lose another 700,000 jobs. That’s not something Republicans are going to be a part of. But, the president obviously is going to get some revenue. There’s nothing we can do to stop that. It’s written into current law. But the bottom line is you can’t solve this problem through revenue. The President’s not being serious. He’s moving the goal post. He started out saying he wanted a ‘balanced approach.’ So, the President’s going to get some kind of revenue. I’m not voting for it. But he’s going to get it anyway. The question is where are his spending reductions? He hasn’t put that on the table.”
Starting Point with Soledad O’Brien airs weekday mornings from 7-9am ET on CNN.