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Rep. Kevin McCarthy On The Fiscal Cliff

House Majority Whip Kevin McCarthy (R-CA) told CNN's Wolf Blitzer that he would accept an increase in revenues through closing loopholes as part of a deal with regard to the fiscal cliff, but not an increase in actual tax rates.

MCCARTHY: I think what the American people want, they want to see the problem solved. And what we have, we spend more than a trillion dollars than bring in every year, so we got to solve that problem. We have a weak economy. We borrow 8 percent of our GDP for less than 2 percent growth. So, what we need is overall tax reform. Now, the president says he wants a balanced approach. He wants revenues, plus he wants spending cuts. The speaker's been down there. He says there is a way for revenues. Not to raise the rates, because that harms the economy and small business, but close special interest loopholes to get the revenue, but also what the president needs to do, show us where those cuts are. Show us where we can cut back on government growth to have that balanced approach.

(Full transcript here.)

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