Senate Minority Whip Jon Kyl announced on the Senate Floor that “If you add up all of the revenues that we Republicans have agreed to, it’s between $150 billion and $200 billion,” in reference to the recent deficit negotiations that have been ongoing as they seek to prevent the government from defaulting.
Republicans Agree to Revenue Increases in Deficit Negotiations
July 7th, 2011 James Bond
Two ways he mentioned that the government could increase revenue would be to increase fees for government services and to sell off government property. “If the government sells something and gets revenue from it, that’s revenue,” Kyl said. “If there is a user fee of some kind and we want to raise that to keep up with the times, that’s revenue.”
In addition to these measures to increase revenue, Republicans have expressed interest and willingness to address tax loopholes to bring in further revenue, however they “should be coupled with offsetting tax cuts somewhere else,” Cantor added.
These agreements all come as a larger part of the ongoing deficit talks that aim to raise the debt ceiling, allowing the government to be able to continue paying its bills and prevent a default. A deal is desired to be struck by the middle of the month to allow a bill to pass in August. In the case of failing to reach a deal, U.S. borrowing interest rates are expected to soar and cause markets to drastically fall.