Republicans Weigh Tax Hikes to Avoid 'Fiscal Cliff'

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Some Congressional Republicans are talking about raising taxes to avoid the so-called 'fiscal cliff' next year.

Tax hikes have always been a no-go zone for Republicans who want to see more spending cuts when it comes to budget negotiations.

Many signed a pledge to never raise taxes, but now some are willing to put taxes on the table in exchange for entitlement reform and restructuring the tax code.

Sen. Lindsey Graham, R-S.C., is one of them.

"I will violate the pledge, long story short, for the good of the country, (but) only if Democrats will do entitlement reform," he told ABC's "This Week" on Sunday.

Rep. Peter King, R-N.Y., said the same on NBC's "Meet the Press."

"I agree entirely with Saxby Chambliss...a pledge he signed 20 years ago, 18 years ago is for that Congress," King said. "The world is changed and the economic situation is different."

President Obama wants to raise taxes on households earning more than $250,000 a year, while Republicans want to eliminate some deductions and keep the tax rates the same.

Congress and the president have until the end of the year to avoid across-the-board tax increases and spending cuts that some economists say could put the economy back into recession.

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