For the second time in a week, a prominent Republican has come out publicly to renounce the Grover Norquist pledge.
Yesterday, Senator Lindsey Graham said he believed that tax loopholes should be closed and used to pay down the debt, at least in part. Under the Norquist pledge, signers commit themselves to oppose any tax increase that would not be met "dollar for dollar" with another tax cut.
"When you eliminate a deduction, it's OK with me to use some of that money to get us out of debt. That's where I disagree with the pledge," Graham told Jonathan Karl of ABC News
Under Graham's proposal, every $4 in spending cuts would be paired with $1 in tax increases. During a Republican presidential debate last August, every candidate said that he/she would reject a proposal to trade $10 in spending cuts for even $1 in tax increases.
"I just think that makes a lot of sense. And if I'm willing to do that as a Republican, I've crossed a rubicon," said Graham. "We're so far in debt, that if you don't give up some ideological ground, the country sinks."
"When you talk about eliminating deductions and tax credits for the few, at the expense of the many, I think over time the Republican Party's position is going to shift. It needs to, quite frankly, because we are $16 trillion in debt," he said.