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Virginia Politics
Posted at 11:46 AM ET, 07/26/2011

McDonnell: Raising taxes is not the solution

Gov. Bob McDonnell, looking to clear up any confusion about where he stands on federal debt talks, said Tuesday that he does not support raising taxes.

“The President insists they have to have more money, they have to have more taxes in order to get this done,’’ McDonnell (R) said on his montly radio show on WTOP., referring to Democratic Party officials and the Obama administration. “What they need is spending control and more spending restraint.”

Last week, McDonnell said that Republicans should be willing to compromise, though he never said outright he would support a tax increase.

But he was blasted by two conservative GOP state Senate candidates last week for saying that Republican members of Congress should “compromise.”

He was also praised by a Democratic congressman “for not taking any option off the table, including new revenue.”

Virginia officials learned last week that Moody’s may downgrade the state’s AAA bond rating after failed deficit talks in Washington. McDonnell said that could translate to higher interest rates or the inability to borrow at all.

“Once again, the inability of this administration and the federal government generally to pay its bills and to get its fiscal house in order and balance a budget is now putting the states in jeopardy,” he said.

McDonnell said he spoken to his friend House Minority Leader Eric Cantor (R-Va.) about the issue, but that the specifics are up to the members of Congress.

“These people have overspent for 30 years. Republican and Democrat presidents have long contributed to the debt increase and now they want more money?” McDonnell said. “The federal government has got to get its job done. It’s got to be done with long-term spending cuts and entitlement reform and everything else to keep America solvent.”

By  |  11:46 AM ET, 07/26/2011

 
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