Watch Leader Cantor Call Out Democrats HERE
Cantor Rejects Dem Charge That GOP Favoring Rich With Spending Cut Plan
July 19, 2011
House Majority Leader Eric Cantor (R-Va.) angrily called out Democrats on Tuesday afternoon for continuing to argue that Republicans want to protect corporations from efforts to close tax loopholes, and instead force families to bear the burden of federal spending cuts.
Cantor was reacting to House Budget Committee Ranking Member Chris Van Hollen (D-Md.), who complained on the House floor that the GOP's "cut, cap and balance" bill would require a two-thirds majority to raise taxes, but allow for a simple majority to cut spending. Van Hollen said this is essentially protection for "corporate jet loopholes" and subsidies for oil companies.
"The gentleman from Maryland loves to talk about those corporate loopholes," Cantor said immediately in response to Van Hollen. "He loves the talk about corporate jet owners and the kind of preferences that exist in the code.
"He and I were in discussions for almost seven weeks, when I said again and again that we would be happy to engage in a discussion of tax reform to get rid of those loopholes," Cantor continued. "The gentleman also knows that those loopholes and the costs associated with those loopholes pale in comparison to the problem."
"So I know it makes for good politics to throw the shiny ball out there… that somehow Republicans are wed to that kind of policy to sustain these preferences, when all along, in our budget and in our plan, we have said we're for tax reform, we have said we're for bringing down rates on everybody."
After Cantor left the podium, Van Hollen again highlighted the unfairness of refusing to allow any tax loopholes to be closed in order to reduce the deficit.
The exchange took place in the first hour of debate on the GOP's bill, H.R. 2560.