The federal government needs more money. That's one thing both parties can agree on, Republican and Democratic lawmakers said Tuesday. The rub, of course, is how to get it.
Reps. Peter Roskam, R-Ill., and Allyson Schwartz, D-Pa. said at a National Journal panel on Tuesday morning that there's no question that more revenue is needed. Democrats say they can raise the money by letting upper-income tax cuts expire, while Republicans say economic growth alone will help raise the cash.
"We need more revenue," said Roskam, the House GOP's chief deputy whip. "If you can get the money to satisfy obligations, that's an area of common ground."
But revenues won't grow simply by renewing the expiring tax cuts, Schwartz said.
"Economic growth is obviously a part of how we're going to raise revenues, but is that enough," she asked. "If it is just about lowering taxes for the wealthiest, we've done that before" and it hasn't worked, Schwartz said.
Both lawmakers broadly agreed that tax and entitlement reform are a must.
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