Missing in this year’s debt-ceiling talks: Democratic demands for new taxes

May 22, 2023

“Revenues are going to have to be in the deal, and everybody knows that,” Biden told reporters, using Democratic parlance for raising taxes on the rich. Among Republicans, a combined 51 percent said raising taxes would help or make no difference to the economy. In 2011, Biden and Democrats made sure tax hikes were in the public domain during debt talks. It set the stage for their campaigns in 2012 and the year-end “fiscal cliff” talks that ended with Democratic wins on taxes. Democrats may make a more forceful pitch to raise taxes on the rich in a later debate, or during campaigns in the fall of 2024.