“There is not a revenue problem in Washington, D.C., there is a spending problem. There is a problem with priorities; we simply do not have those. If the president is looking for a compromise, here is our compromise; let’s talk about spending cuts that saves America and our financial future,” Scott commented.
Democrats say closing tax loopholes to major corporations and the wealthy while ending subsidies for oil companies would generate significant revenue. Republicans are fighting for significant adjustments to entitlement program like Medicaid and Social Security.
President Obama says those Republicans who are willing to go past the August 2 deadline are being irresponsible. Scott says that the necessity of getting a deal done is very important, however what it takes to secure that deal is more important.
Scott says, “Having an increase in the debt ceiling has to be tied to absolute spending cuts and should include statutory limitations on what we con do from a discretionary perspective and ought to include a balanced budget amendment. We agree that this is not a game, that we are talking about the future of America.”
Scott says he is open to looking at closing a number of tax loopholes in order to get a deal finalized, “I think we ought to look for parity in our corporate tax environment, and one of the ways you do that is to lower the top rate and eliminating some of the loopholes. Without question we would like to see all things on the table so there is nothing that is a sacred cow. We do look for parity. In other words, if we are going to have a reduction in the rates and we’re closing loopholes, we do not want to increase additional revenues in that scenario.”
The president to attempt to borrow money would be unconstitutional, Scott admonishes, “All you have to do is open the (U.S.) Constitution, go to Article I section 8 and it says very clearly, very clearly, Congress and only Congress has the authority to borrow money.”
Despite his cautions, Scott says he doesn’t believe a deal will get done by the end of the week, and negotiations may even go past the August 2 deadline..