McConnell Rebuffs Obama 'Buffett Rule'

Standing with a group of millionaires and their secretaries, President Barack Obama continued to urge lawmakers to adopt the so-called Buffett Rule and suggested former President Ronald Reagan would have supported the plan.The measure is named after billionaire William Buffett and would require individuals earning $1 million a year or more pay at least the same tax rate as middle-class income earners. In defense of the idea, Mr. Obama has highlighted a speech made by Reagan, where the Republican icon called for an end to "crazy" loopholes.But Senate Minority Leader Mitch McConnell, R-Ky., isn't moved by the usage of Reagan and has made his position on the proposal clear.From Politico: "With millions out of work, gas at nearly $4.00 a gallon, and the election still seven months away, Republicans are calling on the president to join us in support of the dozens of jobs and energy bills that have passed the House but are stalled in the Democrat-led Senate. We should be focused on jobs and energy legislation that can pass—not tax-hike show-votes designed to fail," McConnell says.The Senate is expected to vote on the proposal next Monday.UPDATE:A high-profile member of McConnell's caucus has already begun to flirt with the idea that GOP lawmakers are willing to accept tax increases if Democrats shift on how growth is measured.According to National Journal, U.S. Sen. Chuck Grassley, R-Ia., is veering from the party line and would support eliminating tax breaks if the new money came from dynamic growth and was scored as such by the Congressional Budget Office.