NEW YORK, April 7 (UPI) -- Presidential adviser Paul Volcker, a former Federal Reserve chairman, said budget deficits may force the United States to raise taxes.
Volcker said a value-added tax used frequently in Europe -- essentially, a sales tax -- "was not as toxic an idea" as it was in previous years, The Hill newspaper reported Wednesday.
He also said a tax on carbon or energy use might be required to lower the deficit.
Bottom line: "If at the end of the day we need to raise taxes, we should raise taxes," he said in remarks at the New York Historical Society.
A White House official responded by saying, "The president is not proposing to cut the deficit at the expense of middle-class families."
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TEL AVIV, Israel, May 17 (UPI) --Nobel Energy of Houston, which discovered Israel's big gas fields in the eastern Mediterranean, is pressing the government to decide soon on an energy export policy as the prospect of an undersea pipeline to Turkey gains credibility.