Cantor Signals Flexibility on Tax Loopholes
The Associated Press
July 06, 2011
Washington (AP) -- A top House Republican is signaling that he's willing to consider White House proposals to close tax loopholes in advance of a meeting tomorrow with President Barack Obama over cutting the budget and permitting the government to continue to borrow to meet its obligations.
Majority Leader Eric Cantor said that "we'll be glad to talk loopholes" at the White House. The Virginia Republican was a participant in budget talks led by Vice President Joe Biden but left the talks because of administration demands on taxes.
Cantor said any revenue raised by closing loopholes like preferences for the oil and gas industry should be used to pay for "tax cuts somewhere else." His earlier position was that closing loopholes should wait for a comprehensive effort to reform the tax code.