Washington Senator Patty Murray said she and other Democrats are willing to let the Bush tax cuts expire and allow automatic spending cuts in January if Republicans do not agree to a deficit reduction deal that includes significant amounts of revenue. Republican leaders responded, saying the so-called “fiscal cliff” would hurt small businesses, and that the government would waste any increased revenue.
Senator Murray, a member of the Senate leadership, delivered her speech at the Brookings Institution in Washington.
She was followed by a panel including Bob Greenstein of the Center for Budget and Policy Priorities. He said congressional Democrats have taken this latest approach after getting no new revenue as part of the 2011 debt ceiling agreement.