Portman Calls for Short-Term Tax Cut Extension
Sen. Rob Portman of Ohio has called for a short-term extension of the Bush-era tax cuts to buy time for Congress and the president to overhaul the tax code and avert part of the fiscal cliff.
"I think there's only one logical thing to do, and that's to continue the current tax code for six months. Or maybe it's a year," Portman said in an interview with Bloomberg TV's Al Hunt, which will air tonight.
Portman's comments come as Democratic and Republican leaders from both chambers met today at the White House and claimed that a deal would be obtainable.
The senator, who was a key adviser to Mitt Romney in the presidential campaign, disagrees with President Obama's calls for raising taxes on upper-income earners but realizes that the president feels emboldened after the election.
"He wants to sort of exact his political pound of flesh here after the election. I understand that. But let's not do it in a way that hurts people who are trying to find work. I mean, there's a way to do this, is my point," Portman said.
He also said leaders should pursue "pro-growth tax reform" and an overhaul of the entitlement system, which he believes "can be done in six months."