Sen. Patty Murray (D-Wash.) told ABC News Sunday one option Congress could take ahead of the fiscal cliff would be to let the Bush-era tax cuts expire across-the-board and then return to discuss a new tax package, The Hill newspaper reports.
In that interview, which also featured Sen. Saxby Chambliss (R-Ga.), Murray said Democrats would allow those cuts to expire if Republican lawmakers object to tax increases for wealthy Americans.
Meghashyam Mali reports Murray could chair the Senate Budget Committee when Congress starts its next term in January.
Chambliss told ABC any new revenues should be combined with measures to reform entitlement programs, adding the model proposed by the Bowles-Simpson commission could provide negotiators a template.
Citing the commission’s proposal, Chambliss said eliminating many credits and deductions could generate between $1 trillion and $1.2 trillion in additional revenue, resulting in lower tax rates.