ICYMI: House Majority Whip Kevin McCarthy on Fox News’ “America’s Newsroom”
Nov 19, 2012
Washington D.C. – House Majority Whip Kevin McCarthy (CA-22) appeared on Fox News’ “America’s Newsroom” to discuss the looming “Fiscal Cliff” and the House Republicans plan for a balanced approach.
“You want to make sure you gather revenues but also end up with a pro-growth agenda. You don’t do that by raising the tax rates but there are ways to close and limit loopholes. You want to reform the tax code so we can create more jobs and you don’t want to harm small businesses.”
TRANSCRIPT:
On Friday’s Meeting At White House Between President Obama & Congressional Leadership:
“They [congressional leaders] just had their first meeting at the White House on Friday, and there is a bipartisan way to avoid the fiscal cliff. You want to make sure you gather revenues but also end up with a pro-growth agenda. You don’t do that by raising the tax rates but there are ways to close loopholes and limit loopholes. You want to reform the tax code so we can create more jobs, and you don’t want to harm small business. Also, the President talks about a balanced approach – getting at least 2 ½ to 3 times as much in cuts as tax revenues and that is what we are looking at too. We want to see where we can find those cuts to government, take a pro-growth agenda, and grow this economy for small businesses.”
On Leader Pelosi’s Demand To Raise Taxes On Hardworking Families & Small Businesses:
“The President isn’t saying that. Remember, Nancy said last May that there needs to be a tax increase on those making $1 million or more. So, she keeps changing the game plan, and that can’t be the case. If the President just went and raised the tax rates, it would pay for 8 days of government operation. Where do we go from there? The President also said he wants a balanced approach, but we haven’t heard of where he thinks those cuts are. The difference here is we are talking about revenues, and there are ways to do it in a bipartisan manner. If you look at the Ernst and Young study it says if you go and raise the tax rates it will hurt small businesses and will cut 700,000 jobs out of the economy.”
On Whether President Obama & House Republicans Can Find Common Ground:
“I see it as a possibility, but I think the election is over so let’s sit down and find a bipartisan way to solve this problem – not fall off the fiscal cliff. At the same time have a pro growth agenda where we grow jobs. I watched the President’s press conference, and he said he was open to new ideas. The Speaker was just down at the White House on Friday, and we want to show him if he wants to gain revenue, we are more than willing to talk about closing and limiting loopholes. We will sit down, and lay them all on the table. There are a lot of ways you can go through this but you have to have reforms. We have to have structural change, or you will continue to see trillion dollar deficits.”
On The President’s Willingness To Go For Significant Tax Reform:
“I’m hopeful. We will not get out of this mess without growing this economy, and the only way to have that is structural tax reform. This isn’t something Republicans have sat back on. We have passed legislation already that sets up the framework to have tax reform. We have passed legislation that will take away the damaging sequestration that he says will not happen. We have already passed this in the House, and it is just sitting in the Senate.”
On A Plan That Will Raise Taxes On Hardworking Families & Small Businesses:
“The President says he wants a balanced approach. You cannot get there just by raising the two tax rates, which pays for just eight days [of spending by the federal government]. So, what do you do with the rest of the problem? You have to find reforms where you have cuts, but mostly you have to grow this economy. The only way you can do that is overall tax reform, and that is what we are talking to President about. If the President wants revenues, we are not saying no to revenues, we are saying you don’t get the revenues needed through raising the tax rates; you get them by closing loopholes.”
On The President & Washington Democrats’ Decision Not To Raise Taxes In 2010:
“[Raising Taxes] It hurts the economy. Remember, when Democrats had control two years ago they had the ability to raise tax rates, and what did they say? They said you do not raise taxes in a down economy, and they chose to not raise taxes. This economy is still in a very difficult situation. The Ernst & Young report shows, you will hit small business which is the best job creator, and you will cut 700,000 jobs from this economy. Why would the President change his mind now? We want to sit there in a bipartisan way, solve this fiscal cliff, find the cuts, and reform the tax code so we can unshackle America.”
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