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Obama Calls for Mix of Tax Reform and Spending Cuts to Avoid Sequester

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Senate Finance Committee chairman Max Baucus, D-Mont., reacted more favorably to Obama’s call for Congress to quickly pass legislation to avoid the harmful consequences of automatic, across-the-board cuts, but favored a long-term solution to tax reform. “I agree with the President that Congress must continue to work on plans to avoid the sequester and take a balanced approach to reducing our nation’s deficits and debt, including both spending cuts and revenue,” he said in a statement. “When it comes to tax reform, we must avoid the urge for the quick fix. We owe it to the American people to do a comprehensive review of the code to ensure it works for today’s economy and is flexible enough to adapt to the changing world. Tax reform is about more than revenues. It is about simplifying peoples’ lives, encouraging businesses to invest and grow, and boosting innovation and education. We are not going to have multiple bites at this apple. I want to ensure that when we do tax reform, we do it right.”

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