House Majority Leader Eric Cantor (R., Va.) offers his initial reaction to the Gang of Six proposal. Not exactly an outright rejection:
We’ve begun reviewing the Gang of Six proposal and while there are still portions that are unclear and need more detail, this bipartisan plan does seem to include some constructive ideas to deal with our debt.
From day one, House Republicans have viewed the debt limit vote as an opportunity to do something meaningful to lower our debt and change the way Washington spends money. At first glance, it seems as though the Gang of Six proposal includes some of the reforms that we have already discussed with the President and Vice President. On the positive side, the tax rates identified in the Gang’s plan – with a top rate of no more than 29% – and the President’s endorsement of them are a positive development and an improvement over previous discussions. That said, I am concerned with the Gang of Six’s revenue target, the plan fails to significantly address the largest drivers of America’s debt, and it is unclear how the goals of tax and entitlement reforms would be enforced. I continue to caution that a tax increase is the wrong policy to pursue with so many Americans out of work.
House Republicans are ready to do big things and address the drivers of our debt, just like we did in our budget, but we cannot do it by hiking taxes on families and the very small businesses we are counting on to create jobs. We must pursue a path that begins to manage down our debt, enact meaningful reforms, and puts the economy on more sure footing so that businesses can begin hiring again and people can get back to work.