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Fiscal Cliff 2013: Obama to Compromise Over Raising Tax Rates

Though President Obama was assertive about his intentions of letting the Bush tax cuts expire for high income earners at the end of the year, when addressing the nation during his first post reelection economic address, a top aide to the administration told Reuters the president would be willing to compromise over raising tax rates on the rich.  

Senator Bob Corker (R-Tenn.) said, on the other hand, that a humbled Republican Party would also be open to increasing tax revenues from wealthier Americans as part of the deficit reduction plan, but added that closing loopholes rather than raising top tax rates would be the path to follow (and only if spending cuts are also enacted).   

Corker's assertion was made on Fox News Sunday, where the senator from Tennessee claimed to be "optimistic" and that "there is a basis for the deal," as long as "we come to terms on the entitlement side." 

Meanwhile, David Axelrod, a senior Obama administration advisor, told CBS's Face the Nation that it is possible to raise enough revenue to curb the deficit without increasing the top tax rate. "Obviously, there is money to be gained by closing some of these loopholes and applying them to deficit reduction [...] there are a lot of ways to skin this cat."

Obama will host congressional leaders at the White House on Friday to negotiate a deal to avoid the fiscal cliff. And though Speaker of the House John Boehner (R-Ohio) repeated his party's commitment to not raise "anyone's tax rates," he said would be open to a compromise that includes changes in the tax code in order to bring in more revenue. 

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