Baucus: Year-End Tax Deal Must Include Down Payment on Future Reforms

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Any plan to avert the automatic spending cuts and tax increases set to begin in January must include an immediate and significant infusion of new revenue into the economy, Senate Finance Chairman Baucus says. Baucus joins President Obama and other Democrats in rejecting House Speaker Boehner's $2.2 trillion proposal, in part, because it lacked any upfront revenue increases as a down payment for broader reforms in the future. Obama tells Bloomberg Television that he is prepared to make reforms to entitlement spending, but “we're going to have to see the rates on the top 2 percent go up.”