Toomey: Tax Hikes May Be Inevitable

GOP may be forced to accept tax hikes, says Pa. Senator Pat Toomey

Sen. Pat Toomey (R-Pa.) signaled this week that Republican lawmakers may be left with no choice but to accept a deficit reduction deal that includes new revenues as the country approaches the "fiscal cliff."

"It's not clear to me that there may be another way to do it in the future," Toomey said at a Brookings Institution discussion when asked about his party's openness to raising taxes to avoid another fiscal crisis.

Toomey, who lives in Zionsville, Lehigh County, began serving as U.S. senator last year. Toomey has an

What do you think of Toomey's statement? Tell us in the comments section below.

In January, nearly $600 billion in spending cuts and tax increases are scheduled to take effect unless Congress can come up with a legislative solution.

With a deadline five months away, Toomey acknowledged that the outcome of the fiscal-cliff negotiations during Congress' post-election, lame-duck session would largely rest on political, rather than economic, realities.

silvercat July 26, 2012 at 02:42 PM
Raise taxes all you want. So long as there are $10 in spending cuts for Each dollar of New tax dollars raised. It is easy to spend someone elses money, isn't it congressmen?
louis kootsares July 26, 2012 at 02:52 PM
its not government for the people its government for the government the reality is they spend big bucks to get elected basically by saying whatever it takes to have people forget the previous job they did or and whatever it takes so they can get into office and live happily everafter on our tax money
Frightwingslayer July 26, 2012 at 02:56 PM
Toomey is hilarious. When the Republicans realized that their precious over bloated defense department might take a hit, they now suddenly back tax increases to fund it..However when they speak of slicing social security , medicare, and many other domestic programs, that benefit the middle class, the Republicans dont back increases to make them solvent...They are so damn pathetic it's mind boggling!
Joseph Polzer July 27, 2012 at 12:49 AM
I never voted for Norquist and the Tea Party is a total joke. I will not vote for ANY Republican as long as they follow these jokers without any concern for the country. At least Toomey is showing some intelligence. Go Obama!!!
Jennifer Moyer July 27, 2012 at 01:59 AM
Increasing taxes is the same as enlarging the government part of the total pie by reducing the private part of the total pie. The situation would be different if increasing taxes actually made the pie larger but it does not. I would point out that deficit spending, on the current massive scale, makes it seem like the pie is enlarging. The problem with the deficit spending is that it cannot continue, on a massive scale, indefinitely without causing gross distortions leading to eventual calamity, most likely very high inflation. One way or another there appears to be bad news on the horizon. Now, all choices, definitely including Toomey's choice, will result in a troubling future as credit distortions continue to cause havoc. Just being realistic...


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