Top Republicans Support Tax Subsidies Cut and Debt Ceiling Raise

Last Sunday, top Senate Republicans stated that they support the cut on tax subsidies in relation to a deal to lower deficit and raise the debt ceiling. Sen. John McCain and Sen. John Cornyn indicated that they are for ‘revenue raisers’ in order to avert government default, and not the tax increases. Sen. John Cornyn even said in Fox News Sunday:

“I think it’s clear that the Republicans are opposed to any tax hikes, particularly during a fragile economic recovery. Now, do we believe tax reform is necessary? I would say absolutely.”

The Republican senators’ statements end the week-and-a-half-long negotiations on debt ceiling, and welcome the deal to include cuts to corporate subsidies ordered by the Barrack Obama administration. The government instructed that a deal must be reached by July 22, so that it can be implemented by August 22.

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