Dems Propose New Taxes, GOP Says 'No'

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Once again Democrats are proposing new taxes to help cut the deficit and once again Republicans are saying 'no.'

Sen. Kent Conrad, D-N.D., suggested the idea of a possible surtax on millionaires and Senate Majority Leader Harry Reid, D-Nev., called for an end to tax subsidies for oil and gas companies.

But House Majority Leader John Boehner's office said that would be the equivalent of of a tax increase that would be felt at the gas pump.

Republicans are pushing major spending cuts as part of any deal to raise the government's debt limit.

Speaking at a Democratic fundraising event Tuesday evening in Austin, Texas, President Obama reiterated his call for doing away with Bush-era tax cuts for individuals who make more than $200,000.

"If we want to reduce our deficit, our sacrifice has to be shared," Obama said. "And that means even as we're making spending cuts, we also have to end the tax cuts to the wealthiest 2 percent of Americans in this country."

The president is scheduled to meet with Senate Democrats at the White House Wednesday and with Senate Republicans Thursday in an attempt to broker a deal on the federal deficit.

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