Schumer To Dems: Abandon Simpson-Bowles Tax Model

WASHINGTON — Senator Charles E. Schumer of New York, the Senate’s third-ranking Democrat, threw cold water Tuesday on what had been an emerging consensus for a bipartisan deficit- reduction plan — an overhaul of the tax code that lowers top income tax rates but raises more revenue. Mr. Schumer’s position greatly complicates efforts to win bipartisan support for a deal before January, when the “fiscal cliff” of tax increases and automatic spending cuts goes into effect.

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