With 39 days left until tax increases and across-the-board cuts are set to take effect, Republicans are feeling the pressure to work with the Democrats and the President to stop the U.S. from falling back into another recession.
A comprise with Obama and Democrats, would mean tax revenue being part of a package that includes spending cuts and entitlement reforms.
In the past, many Republicans were opposed tax increases and went as far as to sign on to Grover Norquist's Taxpayer Protection Pledge. With the looming fiscal cliff - some Republicans are deciding to move away from the no-tax pledge.
Chambliss fires off on Norquist's anti-tax pledge
"I care more about my country than I do about a 20-year-old pledge," Sen. Saxby Chambliss told Georgia television station WMAZ, a CNN affiliate, on Wednesday. "If we do it his way, then we'll continue in debt and I just have a disagreement with him about that."
OutFront tonight: Doug Holtz-Eakin, President, American Action Forum and Ethan Pollack, Fiscal Policy Analyst, Economic Policy Institute
Some Republicans move away from no-tax pledge
Nothing riles up the tea party chattering class like a broken pledge against raising taxes.
Just ask Sen. Saxby Chambliss, a veteran Georgia Republican who this week turned his back on the Taxpayer Protection Pledge he signed years ago as a rite of passage of right-wing politics.
Immediately labeled "worthless" and "a liar" on Tea Party Nation, Chambliss symbolizes the political conundrum facing GOP leaders in the aftermath of President Barack Obama's re-election.
After years of opposing higher taxes on anyone, Republicans now are under pressure to work out a comprehensive agreement to reduce the nation's chronic federal deficits and debt.
That means a compromise with Obama and Democrats, who insist on more tax revenue being part of a package that includes spending cuts and entitlement reforms.
A new proposal is a 1.5% tax on wealth over $500,000;wealth, not income. 80% of Americans would be exempt. This addresses the real wealth disparity. We should go for it. For the past 3 decades or longer the rich have made out like bandits. From insider trading, Wall St. collusion, banking thieves, war profiteering, out sourcing, ridiculous trade agreements, to you name it, these hog multi-nationals are ruining us. Tax them out of existence and send their preppie candy kids to the wars of choice. We are in serious need of a modern Teddy Roosevelt, someone to stand up to monopolies and break up these giants that stifle society.
I wouldn't call it the GOP turning on Norquist. Senator Chambliss's decision means (if I'm not mistaken) that only two Republican U.S. Senators have “turned” on Norquist. Judging by the headline, it sounds like somebody is jumping to conclusions.
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Erin Burnett OutFront airs weeknights at 7 p.m. ET. Designed to showcase Erin's unique style--casual, smart, and confident--OutFront stays ahead of the headlines, delivering a show that's in-depth and informative.
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