Congressional Leaders Sound Off on Sequestration Cuts

Two Capitol Hill leaders gave their take on sequestration, the automatic budget cuts set to take effect March 1, and while they both agree the cuts need to be averted in their current form, they disagreed on how to achieve that goal.

House Democratic Leader Nancy Pelosi (D-CA) says allowing the cuts to take place should be “out of the question,” and she advocated what the president describes as “a balanced approach.”

Pelosi said that indiscriminate cuts will harm economic growth.

She argued that investments, in the area of education in particular, will bring the needed revenue into the Treasury.

But she also added that the wealthy need to contribute more.

“We are not talking about raising rates, we did that.” Eliminating subsidies for big oil, implementing the Buffet Rule are among the ideas House Democrats have put forward.

Senator John McCain (R-AZ) said that while he does not want to see taxes raised, he might be willing to looking at some revenue closers.

McCain laid the responsibility for solving the current impasse at the president’s door though.

McCain said he would “like to see the president call us over to the White House to solve this.”