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Obama Tries to Head off Automatic Spending Cuts with Tax Reforms

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House Ways and Means Committee chairman Dave Camp, R-Mich., rejected Obama’s approach of exchanging tax increases for spending cuts. “There is a spending problem in Washington,” he said. “That is why nearly two years ago, in a rare showing of bipartisanship, Congress agreed to the President's sequester plan to take a small step toward reducing overspending. I'm disappointed the President is now backing away from that deal – a deal that he first suggested. Walking away from spending cuts and replacing them with tax increases will do nothing to solve our spending problem, but it will hurt job creation. If the President wants different spending cuts, we can work to find better, smarter cuts. In fact, the House passed two bills to cut spending in a more responsible way, but the Democrat-controlled Senate has failed to act.”

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