{"id":41036,"date":"2013-02-04T08:44:00","date_gmt":"2013-02-04T08:44:00","guid":{"rendered":"https:\/\/www2.thestockmarketwatch.com\/stock-market-news\/reid-rules-out-spending-cuts-if-more-revenue-is-not-raised-through-taxes\/41036\/"},"modified":"2013-02-04T08:44:00","modified_gmt":"2013-02-04T08:44:00","slug":"reid-rules-out-spending-cuts-if-more-revenue-is-not-raised-through-taxes","status":"publish","type":"post","link":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/reid-rules-out-spending-cuts-if-more-revenue-is-not-raised-through-taxes\/41036\/","title":{"rendered":"Reid Rules out Spending Cuts if More Revenue is Not Raised through Taxes"},"content":{"rendered":"<p><script type=\"text\/javascript\"><!--\ngoogle_ad_client = \"ca-pub-1408583772585547\";\n\/* SMW - News Links *\/\ngoogle_ad_slot = \"3490797620\";\ngoogle_ad_width = 468;\ngoogle_ad_height = 15;\n\/\/-->\n<\/script><br \/>\n<script type=\"text\/javascript\" src=\"http:\/\/pagead2.googlesyndication.com\/pagead\/show_ads.js\">\n<\/script><\/p>\n<p>Senate Majority Leader, Harry Reid (D-Nevada), reiterated on Sunday that a any new budget deal, \u00a0aimed at averting \u00a0series of draconian spending cuts or sequestration which is scheduled to come into effect from March 1&#8212; would have to include additional revenue through taxes.<\/p>\n<p><span id=\"more-41036\"><\/span><\/p>\n<p>Sequestration was originally scheduled to come in to effect at the beginning of the New Year but was postponed until March 1 thanks to a last-minute \u2018fiscal cliff\u2019 deal among congressional leaders.<\/p>\n<p>At that moment, the U.S. congress passed a bipartisan bill approving raising taxes on wealthy individuals, postponing other unresolved issues ( federal government\u2019s spending cuts) by about three months.<\/p>\n<p>In an interview to ABC\u2019s \u2018This Week\u2019, Reid said, \u201cThe American people are on our side. The American people don&#8217;t believe in these austere things. We believe that the rich should contribute. We believe we should fill those tax loopholes, get rid of them, I should say. And that&#8217;s where we need to go.\u201d<\/p>\n<p>It is estimated by Macroeconomic Advisers, a forecasting firm in St Louis that sequester will knock down 0.7 percentage points from the economic growth, slowing down the annual GDP growth rate to 1.9 percent in 2013.<\/p>\n<p>However, political brinkmanship in Washington is keeping Americans, investors and business leaders on toes.<\/p>\n<p>While the GOP insists that it has already offered enough concessions to Democrats by agreeing on raising additional revenue through taxes, Democrats maintain that any new deal should focus on spending cuts and generating extra revenue through taxes.<\/p>\n<p>Just last week, Republican and House Budget Committee Chairman, Paul Ryan, warned that \u201csequester is going to happen\u201d, adding that the White House was not compromising on the issue of raising revenue through spending cuts.<\/p>\n<p>However, Reid on Sunday added that doors were not completely shut and there was still a scope for reconciliation. Reid also supported 2012 GOP presidential nominee Mitt Romney for his suggestions on sealing tax loopholes and abolishing deductions in order to augment revenue.<\/p>\n<p>&nbsp;<\/p>\n<div class=\"nr_clear\"><\/div>\n<div id=\"nrelate_popular_2\" class=\"nrelate nrelate_popular nrelate_default nr_1col nr_text\"><\/div>\n<p>\t<!--[if IE 6]>\n\t\t<script type=\"text\/javascript\">jQuery('.nrelate_default').removeClass('nrelate_default');<\/script>\n\t<![endif]--><\/p>\n<p>\t<script type=\"text\/javascript\">\n\t\/* <![CDATA[ *\/\n\t\tnRelate.domain = \"www2.thestockmarketwatch.com%2Fstock-market-news\";\n\t\tvar entity_decoded_nr_mp_url = jQuery('<span\/>').html(\"https:\/\/web.archive.org\/web\/20130205190124\/http:\/\/api.nrelate.com\/mpw_wp\/0.51.2\/?tag=nrelate_popular&domain=www2.thestockmarketwatch.com%2Fstock-market-news&url=http%3A%2F%2Fwww2.thestockmarketwatch.com%2Fstock-market-news%2Freid-rules-out-spending-cuts-if-more-revenue-is-not-raised-through-taxes%2F41036&nr_div_number=2&maxageposts=7200&increment=1\").text();\n\t\tnRelate.getNrelatePosts(entity_decoded_nr_mp_url);\n\t\/* ]]&gt; *\/\n\t<\/script>\n\n\n<div class=\"nr_clear\"><\/div>\n\n\n<script id=\"mNCC\" language=\"javascript\">  medianet_width='600';  medianet_height= '250';  medianet_crid='814932888';  <\/script>  <script id=\"mNSC\" src=\"https:\/\/web.archive.org\/web\/20130205190124js_\/http:\/\/contextual.media.net\/nmedianet.js?cid=8CUT71M67\" language=\"javascript\"><\/script> \n\n\n\n\n<!-- AddThis Button BEGIN -->\n\n\n<div class=\"addthis_toolbox addthis_default_style addthis_32x32_style\">\n<a class=\"addthis_button_preferred_1\"><\/a>\n<a class=\"addthis_button_preferred_2\"><\/a>\n<a class=\"addthis_button_preferred_3\"><\/a>\n<a class=\"addthis_button_preferred_4\"><\/a>\n<a class=\"addthis_button_compact\"><\/a>\n<a class=\"addthis_counter addthis_bubble_style\"><\/a>\n<\/div>\n\n\n<script type=\"text\/javascript\">var addthis_config = {\"data_track_addressbar\":true};<\/script>\n<script type=\"text\/javascript\" src=\"http:\/\/s7.addthis.com\/js\/250\/addthis_widget.js#pubid=pennystocksfinder\"><\/script>\n<!-- AddThis Button END -->\n\n\n\n\n<p>More Posts by this author<\/p>\n\n\n\n<ul>\n\n\n\n<li><a href=\"http:\/\/www2.thestockmarketwatch.com\/stock-market-news\/ester-lauders-q2-profits-soar-13-boosts-full-year-earnings-guidance-el\/41127\">\nEster Lauder\u2019s Q2 Profits Soar 13%, Boosts Full-Year Earnings Guidance (EL)<\/a><\/li>\n\n\n\n\n\n\n<li><a href=\"http:\/\/www2.thestockmarketwatch.com\/stock-market-news\/stocks-extend-gains-european-equities-end-higher\/41126\">\nStocks Extend Gains, European Equities End Higher<\/a><\/li>\n\n\n\n\n\n\n<li><a href=\"http:\/\/www2.thestockmarketwatch.com\/stock-market-news\/forex-market-update-euro-bounces-back\/41124\">\nForex Market Update: Euro Bounces Back<\/a><\/li>\n\n\n\n\n\n\n<li><a href=\"http:\/\/www2.thestockmarketwatch.com\/stock-market-news\/stocks-edge-higher-in-early-trading-7\/41121\">\nStocks Edge Higher in Early Trading<\/a><\/li>\n\n\n\n\n\n\n<li><a href=\"http:\/\/www2.thestockmarketwatch.com\/stock-market-news\/liberty-global-in-acquisition-talks-with-virgin-media-lbtya-vmed\/41120\">\nLiberty Global in Acquisition Talks with Virgin Media (LBTYA, VMED)<\/a><\/li>\n\n\n\n\n\n\n<li><a href=\"http:\/\/www2.thestockmarketwatch.com\/stock-market-news\/bp-shares-gain-as-q4-profit-beats-beat-street-estimates-bp\/41118\">\nBP Shares Gain as Q4 Profit Beats Beat Street Estimates (BP)<\/a><\/li>\n\n\n\n\n\n\n<li><a href=\"http:\/\/www2.thestockmarketwatch.com\/stock-market-news\/edwards-lifesciences-shares-gain-after-company-reports-q4-results-ew\/41115\">\nEdwards Lifesciences Shares Gain after Company Reports Q4 Results (EW)<\/a><\/li>\n\n\n\n<\/ul>\n\n\n\n\n\n\n<hr>\n\n\n\n\n\n<table style=\"border:none;margin:0;\">\n\n\n<tr>\n\n\n<td style=\"padding:5px;vertical-align:top;\" valign=\"top\">\n<img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/web.archive.org\/web\/20130205190124im_\/http:\/\/www2.thestockmarketwatch.com\/stock-market-news\/wp-content\/uploads\/userphoto\/5.jpg\" alt=\"edliston\" width=\"125\" height=\"125\" class=\"photo\"><\/td>\n\n\n\n\n<td style=\"padding:5px;vertical-align:top;\" valign=\"top\">\n\n\n<div style=\"font-size:11pt;\"><b>Post Written By: Ed Liston <\/b><\/div>\n\n\n\n\n<div style=\"font-size:10pt;\">\n\nEd Liston is a senior contributing editor at TheStockMarketWatch.com. An active market watcher and investor, Ed guides an independent team of experienced analysts and writes for multiple stock trader publications. He is widely quoted in various financial publications on the Internet. When Ed is not writing about stocks, investing in stocks, talking about stocks, or otherwise doing something stock related, he likes to go sailing and fishing in his yacht.\n<\/div>\n\n\n<\/td>\n\n<\/tr>\n\n<\/table>\n\n\n\n\n\n\n\n<!--script type=\"text\/javascript\">\ngoogle_ad_client = \"pub-1408583772585547\";\n\/* 336x280, created 7\/9\/11 *\/\ngoogle_ad_slot = \"3552319058\";\ngoogle_ad_width = 336;\ngoogle_ad_height = 280;\n\n<\/script>\n<script type=\"text\/javascript\"\nsrc=\"http:\/\/pagead2.googlesyndication.com\/pagead\/show_ads.js\">\n<\/script-->\n\n\t\t\t\t\t\t\n\n\t\n\n<div style=\"margin:5px;margin-bottom:20px;font-size:11pt;\">&laquo; <a href=\"https:\/\/thestockmarketwatch.com\/stock-market-news\/\">Return to Stock Market News<\/a> &laquo; <\/div>\n\n\n<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Senate Majority Leader, Harry Reid (D-Nevada), reiterated on Sunday that a any new budget deal, \u00a0aimed at averting \u00a0series of [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":50312,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center 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