Sen. Pat Toomey (R-Pa.) said Tuesday morning that he would not violate Grover Norquist's anti-tax pledge for a fiscal cliff deal. He said he would generate revenue by cutting deductions, exemptions and loopholes -- but only with corresponding tax rate cuts.
“I don’t intend to violate any pledge. My pledge is not to support higher taxes," Toomey said. "What we’re faced with in just a few weeks is a massive tax increase. If I can help ensure that we don’t have that tax increase, then I believe I’ve fulfilled my pledge to fight for the lowest possible taxes."
Toomey said he wouldn't support revenue-generating tax changes unless Democrats agreed to lower marginal rates. It was unclear whether he would only support a deal in which all revenue from closing loopholes and deductions was offset by tax cuts, as would be required under the pledge. He said that "if we're going to have to have some kind of revenue increase" we should "offset the damage done by greater revenue" with tax rate cuts.