Toomey talks structural spending problem
UNDATED – Republican U.S. Senator Pat Toomey (R-PA, Sen.) says there is still time to solve the impending fiscal cliff.
“The great danger of the fiscal cliff is the massive tax increase set to go into effect January 1,” says Toomey. “If that were to happen, it would likely throw the country into a recession and cost us hundreds of thousands or even millions of jobs.”
“I still maintain that the basic framework that I laid out in the super committee is the framework that can get us to an agreement, avoid the fiscal cliff and encourage economic growth.” Toomey calls this a structural spending problem that needs to be fixed. “One side insists there has to be new revenue, even though that doesn’t solve the problem.”
“I am willing to agree to some new revenue. The other side says it all has to come from the top income earners. I am willing to do it in a way that will make it come from the top two income earners. But, I don’t think it is unreasonable to say, given that we are willing to make concession for the other side, can’t we do it in a way that minimizes economic harm?”
Toomey says we do have an opportunity now to make modest structural changes that will begin to slow the rate of growth, so that over time the savings add up to hundreds of billions of dollars. (Sara Bartlett)