“That's a nonstarter,” Rep. James Lankford, R-Oklahoma City, said Wednesday.
The economy is still as fragile as it was in 2010 when the president and congressional Democrats decided to extend the tax cuts, Lankford said.
House Speaker John Boehner, R-Ohio, on Wednesday said tax reform, which would limit the deductions claimed by the wealthiest taxpayers, would bring in additional revenue and meet the president's requirement for a balanced approach toward reducing the deficit.
Coburn, who has been working behind the scenes with Senate Democrats and Republicans on a broad deficit reduction plan, said there was no question that the wealthy benefited most from the tax code as written. Coburn has endorsed changes that would limit tax loopholes for those in upper brackets to bring in more federal revenue.
Coburn and Cole said a resolution will depend on how well Obama and Boehner can negotiate.
“The Obama-Boehner relationship will determine the shape of American politics and whether we can be successful in the next four years,” Cole said.
Lankford said he had assumed the voters would have resolved the deep conflicts in Washington.
“I do hope this all works out,” he said.
“In reality, I couldn't tell you.”