U.S. House Speaker John Boehner said Republicans would be willing to accept new tax revenue to reduce the nation’s budget deficit if it’s accompanied by a tax overhaul and changes to entitlement programs.
Speaking in Washington a day after President Barack Obama’s re-election, Boehner of Ohio said all sides are “closer than many think” to being able to revise the tax code.
“Shoring up entitlements and reforming the tax code — closing special interest loopholes and deductions, and moving to a fairer, simpler system — will bring jobs home and result in a stronger, healthier economy,” the speaker said, according to a prepared text.
“Mr. President, this is your moment,” Boehner said, according to the text.
Boehner called for bipartisan negotiations to avert the fiscal cliff of tax increases and spending cuts scheduled to begin in January. He emphasized Republican opposition to raising tax rates.