Automatic tax increases and spending cuts will kick in at the end of the year unless an alternate plan is reached to trim the deficit.
There’s talk of raising taxes on wealthy Americans as part of a deal.
That’s opposed by Kentucky’s Junior Senator Rand Paul.
He says, "If it’s a bad idea to raise it on 100% of the nation’s income, why it is a good thing to raise taxes on 40% of the nation’s income? I think it’s bad to take more money out of Kentucky, more money out of my town in Bowling Green. I just as soon leave it there. And I’m not too concerned who has it. If the people who earned it still have it, whether they are rich, middle class or poor, it’s in the private sector and it’s in Kentucky buying goods. I don’t want it sent up here because I’ve seen what they do up here."
Paul says rather than raise taxes, he’d prefer to cut defense spending and raise the retirement age from 65 to 67.