Senate Budget Committee Chair Patty Murray has written a memo showing that further deficit reduction is only possible with more revenue:
Revenue Must be Included in Any Deal. Tackling our budget challenges requires both responsible spending cuts and additional revenue from those who can afford it most.
We simply cannot solve this problem on the spending side alone – the magnitude of the required cuts is so large that they would be unworkable, unfair, and inconsistent with the budget values and priorities of the vast majority of Americans. And while the recent agreement took important steps toward calling on the wealthiest Americans to pay their fair share, more needs to be done.
It would be tremendously unfair and unbalanced to ask further sacrifice from the middle class and most vulnerable families, while the wealthiest Americans and biggest corporations continue to benefit disproportionately from the countless preferences embedded in the tax code.