Ahead of sequester, GOP open to closing tax loopholes

Updated

Congressman Mick Mulvaney, R-S.C., says Republicans are not opposed to closing tax loopholes to get a sequester deal done.

“Republicans are interested in closing loopholes, but not so that we can spend more money,” Rep. Mulvaney said Friday on Jansing & Co. “We are interested in closing loopholes so we can reform the tax code and lower the deficit.”

Without Congress reaching a deal to avoid the sequester, the painful budget cuts are set to take effect by midnight, or as soon as President Obama signs the sequester order. The law, passed by Congress, requires the president to act Friday. It will trigger $85 billion in spending cuts to defense and domestic programs.

“Let me put it to you this way, what are we trying to get to? Real structural long-term savings,” Rep. Mulvaney told msnbc’s Chris Jansing. “[That] means reforms to entitlement spending.”

Rep. Mulvaney said many of his constituents in South Carolina’s fifth congressional district are paying close attention.

“People are taking a very serious approach to it down here in South Carolina, a very reasoned approach,” said Rep. Mulvaney. “They want to know if we have better ideas. But at the end of the day I don’t think they’re afraid of what’s going to happen.”

Ahead of sequester, GOP open to closing tax loopholes

Updated