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TURNAROUND GOP Gives Ground on Tax Hikes Manuel Balce Ceneta / AP Photo

GOP Gives Ground on Tax Hikes

In a significant shift, top House Republican Eric Cantor signaled today that his party could accept a deal that would raise revenue by closing some tax loopholes—but insisted that new revenue be offset by tax cuts elsewhere. Cantor’s potential compromise gives hope that a bipartisan deal can be reached before August 2, when the U.S. will default on its debt payments. Separately, Senate Republican leader Mitch McConnell echoed Cantor’s position.

July 6, 2011 5:27 PM