WASHINGTON (Reuters) - The Senate’s top Democrat on Thursday said he would not consider other proposals to cut spending to resolve the year-end “fiscal cliff” until Republicans agree to raise tax rates on the wealthiest Americans.
“The president has tried to make clear, I’ve tried to make clear, until there’s some movement on tax rates, I’m not talking about any other proposals,” U.S. Senate Majority Leader Harry Reid told a news conference. “Not about whether there’d be a cut here, a cut there.”
The cliff comprises about $600 billion in automatic tax hikes and spending cuts that would begin to hit early in 2013. Republicans have offered some revenue gains only through tax reforms, but want President Barack Obama to offer deeper spending cuts to government health care and retirement programs.
Writing by David Lawder, Editing by Stacey Joyce