Top conservative says read my lips: Don’t sign ‘no new tax’ pledge

http://news.yahoo.com/blogs/power-players-abc-news/top-conservative-says-read-lips-don-t-sign-101721355.html;_ylt=AtUZjLVQGxOU1g.SgvdfgyPbFr8C;_ylu=X3oDMTQ3Njlxb2loBG1pdANBcnRpY2xlIFRvcFN0b3JpZXMEcGtnAzU4ODEyNzYyLWU5YTUtMzlhMy1hOWIzLWZjOTg3NTg2NTE2MwRwb3MDMQRzZWMDTWVkaWFTZWN0aW9uTGlzdFRlbXAEdmVyA2NkYzIzM2YwLWI0NzctMTFlMS05ZGNlLThiZTI4NzQ5ZDM5Zg--;_ylg=X3oDMTNhMHQ2ZmJoBGludGwDdXMEbGFuZwNlbi11cwRwc3RhaWQDNzcyYTA3MGQtMTRiYi0zOTE0LTg4ODYtMWY2Zjg0YTRkYTZhBHBzdGNhdANlbnRlcnRhaW5tZW50fGNlbGVicml0eQRwdANzdG9yeXBhZ2U-;_ylv=3

Top conservative says read my lips: Don’t sign ‘no new tax’ pledge
By Jonathan Karl, Richard Coolidge, Gregory Lemos & Sherisse Pham

Video @ link~

As a conservative Republican, Lindsey Graham has never had a problem promising not to raise taxes. Like almost every other Republican member of Congress, during his last re-election campaign, he signed the anti-tax pledge put forth by Grover Norquist's group Americans for Tax Reform.

But now Graham says the debt crisis is so severe that the tax pledge — which says no tax loopholes can be eliminated unless every dollar raised by closing loopholes goes to tax cuts -- has got to go.

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This puts Graham at odds with his party's leadership. Just last August, when the eight Republican presidential candidates were asked if they would reject a deal with $10 in spending cuts for every $1 in revenue, all eight said they would walk away. But Graham is now raising his hand for increased revenues — he says he could support a plan that included $4 in spending cuts for every $1 in increased tax revenue.

"We're so far in debt, that if you don't give up some ideological ground, the country sinks," said Graham.