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Growing Debate Over Tax Hikes to Reduce Debt

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Description
FBN’s Gerri Willis on the growing debate over raising taxes in an effort to reduce the debt.
Duration 1:17
Date Jul 5, 2011

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It's getting down to brass -- the administration has set a new deadline of July 22 to come to terms on the debt ceiling.

And now the president just moments ago saying both sides needed.

Get out of their comfort zones and leave ultimatums that the door he still calling for a balanced approach which means tax increases and spending.

Republicans are already backing off their pledge for no new taxes Arizona Senator John McCain.

Just this weekend open the door to what he called revenue -- Texas senator John Cornyn insisted only that any tax reform be revenue neutral.

And they aren't the only ones who could vote for tax -- the list of senators.

But it failed to sign -- no new taxes pledge includes people you might expect like Maine senator Olympia Snowe.

But a handful you might not like -- -- Richard Lugar and I was Charles Grassley.

Now to be sure some like Wyoming is John Barrasso simply don't like to make blanket pledges.

And then there's a house non signers there include Virginia congressman Frank Wolf as one of the seven.

In short the November election well with a long long time ago whether any politician remembers the lessons.

The voters want lower Washington spending is becoming less and less clear.

-- and a half we may have to remind them.

That's my --