Corker Says Some Republicans Softening on Raising Tax Rates

Some Republicans are softening to the idea of raising tax rates on top earners in exchange for discussing entitlement reform during so-called fiscal cliff talks, according to Senator Bob Corker.

“There’s a growing group of folks looking at this and realizing that we don’t have a lot of cards,” the Tennessee Republican said today on the “Fox News Sunday” program. “I actually am beginning to believe that is the best route for us to take” to achieve cuts in entitlement spending, he said.

Senator Chuck Schumer, a New York Democrat, appearing on the same program, said Corker’s comments were encouraging. He said the same sentiment is necessary from House Speaker John Boehner before there can be any movement in the talks, aimed at averting automatic spending cuts and tax increases scheduled for January.

To contact the reporter on this story: Anna Edney in Washington at aedney@bloomberg.net

To contact the editor responsible for this story: Fred Strasser at fstrasser@bloomberg.net