Rep. Tom Price: 'Balanced approach' means no tax increases

Rep. Tom Price (R-GA) says that Republicans are willing to compromise on a deal to reduce the deficit, but a "balanced approach" would include no increases in tax rates.

"A real solution includes both revenue increases and spending reductions," Price told CNN's Candy Crowley on Sunday, adding that higher taxes on the wealthiest Americans "don't solve the problem."

"We need to look at increasing revenue through pro-growth policies," the Georgia Republican explained.

"But not through tax hikes?" Crowley wondered.

"No," Price insisted. "Tax revenue, which means broadening the base, closing the loopholes, limiting the deductions, limiting the credits and making sure we identify the appropriate spending reductions so that we have, indeed, a balanced approach."

"But we're still at the place where everything gets hung up: No increases in tax rates," Crowley noted. "That is still the position of House Republicans, correct?"

"It doesn't solve the problem," Price replied. "We want a real solution, which means increasing tax revenue through pro-growth policies."

Watch this video from CNN's State of the Union, broadcast Nov. 18, 2012.

(h/t: Talking Points Memo)