Politics, Not Economics, Drives Anti-Tax Stand: Albert R. Hunt
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July 18 (Bloomberg) -- Vice President Joe Biden, in theheat of the high-level budget deliberations, told Republicansthat their intransigence over taxes was a matter of ideology noteconomics. It’s also about coalitions and contributors.
Congressional Republicans rejected a grand-bargain deficit-reduction plan that would have slashed spending, including onentitlements, while raising revenue. Higher taxes, chargedRepublicans such as House Majority Leader Eric Cantor ofVirginia, would be a job killer in a struggling economy. Cantorpulled the rug out from the efforts of his fellow Republican,House Speaker John Boehner, and Democratic President BarackObama, to strike this historic deal.