On ABC’s This Week with George Stephanopoulos Senator Lindsay Graham (R-SC) said:
I agree with Grover, we shouldn’t raise rates, but I think Grover is wrong when it comes to we can’t cap deductions and buy down debt. What do you do with the money? I want to buy down debt and cut rates to create jobs, but I will violate the pledge, long story short, for the good of the country, only if Democrats will do entitlement reform.That's actually for the good of the government, not the country. The country would be much better off with lower taxes and lower spending.
Graham wasn’t the only Republican to backtrack on his pledge not to raise taxes today. Rep. Peter King (R-NY) said he’d vote, too, to cap deductions on NBC’s Meet the Press. “I agree entirely with Saxby Chambliss. A pledge you signed 20 years ago, 18 years ago, is for that Congress,” King stated. “The world has changed and the economic situation is different.”
As Neocon Bill Kristol pointed out, payroll taxes, for sure, are going up on January 1. Now, lawmakers are trying to see where else they can squeeze the public.