Idaho Republican Congressman Mike Simpson, along with a few dozen other GOP lawmakers, have signed a bipartisan letter calling for "all options" to be considered on taxes and entitlements, as the nation edges toward the so-called "fiscal cliff."
Bloomberg News reports this morning that Simpson said he could accept higher tax rates for married couples earning more than $500,000 a year in exchange for an overhaul of entitlement programs.
President Barack Obama has already said that he wants to let tax rates increase for individuals with incomes above $200,000 annually and for married couples with incomes exceeding $250,000.
The Senate's second-highest ranking Democrat, Illinois Sen. Dick Durbin, told Bloomberg that he's optimistic about Simpson's suggestion to raise the income threshold for higher taxes.
“If you’ve been around here long enough, you know there’s going to be some give on both sides,” Durbin told Bloomberg. “As the president said, and I’ll just leave it in his words, ‘I’m open to good ideas.'"