Sunday, July 31, 2011

White House Economic Adviser: No New Revenues Until 2013 'Has Always Been President's Position'

GENE SPERLING, Director of the White House National Economic Council:  Nobody is talking about raising any revenues over the next year and a half. In fact, the president, as you know, has been pushing very hard to cut taxes with the payroll tax cut extension for next year because we want to make sure we're giving this economy as much momentum as possible. But you've also seen a lot of bipartisan consensus, more than is often reported, that you can do a form of tax reform that lowers rates and still raises revenue, contributes to the deficit reduction. 
BORGER:  What I just heard you say is 'No revenues for the next year and a half.' 
SPERLING:  That has always been the president's position. The president - You know, remember, everything we do, Gloria, is about trying to strengthen this recovery, this economy, getting jobs going. Removing the uncertainty of default from our economy will be a significant help. Giving greater confidence that there will be long-term deficit reduction will give people who are doing long-term investments in our country more confidence to go forward. But, in the short term, we have to make sure we're giving this recovery momentum. That's why the president supports a payroll tax cut. That's why he supports an infrastructure bank proposal that could put construction workers back to work -- creating jobs. And we're hoping that we'll find bipartisan support for those type of job-creating efforts in the short term as well.

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