GOP says tax increases 'very unacceptable' 

The House and Senate GOP leadership warned President Obama about his soon-to-be announced budget plan after meeting with him at the White House Wednesday morning.

"The president gave us a general outline," House Speaker John Boehner, R-Ohio, said after returning from the White House. "But the one area that we know we're not going to get very far on is the idea that we're going to raise taxes on the very people that we expect to invest in our economy and to help create jobs."

Obama will deliver his debt-cutting proposal at George Washington University at 1:30 p.m. and is expected to call for tax increases.

House Majority Leader Eric Cantor, R-Va., called a tax increase proposal "very unacceptable."

Congress in the coming months will face a vote on whether to raise the nation's $14 trillion debt ceiling, which will reach its limit in July, according to Treasury Secretary Tim Geithner.

Boehner said the only way he will be able to round up the GOP votes needed to raise the debt ceiling will be if Obama and Democrats agree to take "meaningful steps toward solving our debt problem."

As for what those steps are, Boehner said, "we are not that far along yet."

 

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