December 6, 2012
Virginia Senator-elect Tim Kaine is calling for Congress to take a balanced approach to dealing with the federal budget deficit.
He spoke Thursday at the Virginia capitol building in Richmond. He said Congress must raise taxes on the very wealthy, as President Obama is proposing, and also make spending cuts.
He suggested that Congress may have to pass a short-term plan to avoid the so-called "fiscal cliff," then tackle long-term problems.
"The big picture for the budget fix has to be on both sides of the balance sheet," Kaine said. "During the entire campaign I said that. We've got to have cuts and we've got to have revenues, and revenues are taxes or fees or call them whatever you want."
Kaine won't be sworn into the U.S. Senate until after the fiscal cliff deadline. But he may not be too late to act. Some lawmakers are suggesting that Congress allow the deadline to pass with no action, then tackle the tax question after the new Congress convenes in January.