“The situation that we face is pretty urgent, as a matter of fact I would describe it as dire,” House Speaker John Boehner said at a news conference, emphasizing that “a debt limit increase that raises taxes or fails to make serious spending cuts won’t pass the House.”
He was backed up by Majority Leader Eric Cantor, who said that deficit reduction talks held by Vice President Joe Biden that Cantor abandoned had ended because Democrats were insisting on raising taxes.
“Now it just does not make sense for Americans to suffer under higher taxes in an economy like this,” said Cantor, R-Va.
That is blatantly defying the will of the people. Study after study has shown the majority of Americans favor raising some taxes to help balance the budget. Source
Cutting spending will absolutely, without any doubt, hurt the economy and result in higher unemployment. Increasing taxes on the wealthy will not have any negative effect and may actually help by instilling confidence in businesses that we have a sane government.