Tennessee Senator Bob Corker is hoping a deficit deal can shake loose in Congress, now that the election is past and the so-called “fiscal cliff” is looming. Corker handily won a second term last night.
Corker has often said he couldn’t go back to the U.S. Senate if he didn’t think a deal was within reach, amid the ongoing standoff over federal spending. Many of his fellow Republicans have refused to consider raising taxes. But Corker sees room to bargain for lower tax rates, in exchange for closing loopholes, particularly where they affect the well-to-do.
“By eliminating loopholes, especially for people in my income category and others, you can generate more revenue. And it’s real: I’m not talking about forecasting. I’m not talking about make-believe numbers. And I actually think there are a lot of Democrats that think that’s the route we need to go.”
When asked whether a bipartisan deal could mean eliminating the popular tax-deduction for interest on home mortgages, Corker said everything needs to be on the table.