Biden focuses on taxes in debt ceiling discussions: ‘Revenue still an option.’

President Biden: Revenue Must Be Considered in Debt Ceiling Negotiations

President Joe Biden is taking a balanced approach to debt ceiling negotiations, stating that revenue, not just spending, is on the table. During a press conference in Hiroshima, Biden emphasized the need to consider both sides of the ledger, stating, “If you all were doing your budget at home and you said, ‘Okay, we have to make some cuts,’ would you only look at the spending? Or would you also look at your income?”

Sticking Points: Student Loans and Climate Change

While the White House has opposed the Limit, Save, Grow Act, which would reduce spending by $4.8 trillion while increasing the debt limit by about $1.5 trillion, some of its biggest proposals remain in discussion. These include work requirements, canceling student loans, and axing green energy-related tax cuts. However, Biden also focused on taxes, stating that the roughly 1,000 billionaires in the United States should pay more.

• Biden called for billionaires to pay closer to 15% in taxes
• He also proposed increasing the number of IRS personnel to generate up to an additional $400 billion in tax revenue

House Republicans have consistently opposed efforts to raise taxes or hire more IRS agents, with House Speaker Kevin McCarthy stating, “It’s not a revenue problem. It’s a spending problem.” This will be a sticking point as the two sides work toward raising the debt limit.

Biden is wrapping up his trip to Japan for Group of Seven meetings and plans to talk to McCarthy during the plane ride back to Washington.

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