Eric Cantor, the House of Representatives Majority Leader has backed out of talks to raise the debt limit, citing his unwillingness to raise taxes. Democrats have said repeatedly that taxes need to be raised on the rich if Republicans are going to cut programs that help the poor.
Via Raw Story;
House Majority Leader Eric Cantor (R-VA) abruptly pulled out of debt limit negotiations Thursday, citing an impasse on taxes, with the deadline to raise the ceiling or begin defaulting just six weeks away.
“I believe that we have identified trillions in spending cuts,” Cantor said in a statement, fretting that “the Democrats continue to insist that any deal must include tax increases. There is not support in the House for a tax increase, and I don’t believe now is the time to raise taxes in light of our current economic situation.”
Cantor, the GOP’s lead negotiator in the bipartisan talks held by Vice President Joe Biden, said he’s optimistic about striking a deal but said “the tax issue must be resolved” in order to bring him back to the table. “Given this impasse, I will not be participating in today’s meeting and I believe it is time for the President to speak clearly and resolve the tax issue,” he said.