House Majority Leader Eric Cantor just pulled out of the debt ceiling talks over tax issues, according to WSJ.com. Cantor says there is an “impasse” over taxes holding up negotiations that only President Obama and House Speaker Boehner can resolve.
Currently, Vice President Joe Biden is running these negotiations.
From the Wall Street Journal:
“We’ve reached the point where the dynamic needs to change,” Mr. Cantor said. “It is up to the president to come in and talk to the speaker. We’ve reached the end of this phase. Now is the time for these talks to go into abeyance.”
Thus far, both sides have agreed to $2 trillion in spending cuts over the next 10 years. But the issue of taxes is holding the whole thing up, according to Cantor.
On one side, the Democrats are calling for some tax increases to be included in the legislation. But Republicans are refusing to include any tax hikes in the deal.
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