While the Republicans are loathe to raise the debt limit, citing a federal addiction to spending, Senate Republican Leader Mitch McConnell has said he is not ready to let the country default on its loans, either. But he also states that raising new taxes is not an option; if the country is to balance its books, it has to do it by reducing spending, a point countered by House Minority Leader Nancy Pelosi, who notes that there is still plenty of revenue to be raised by closing tax loopholes going after various subsidies to big businesses. For life insurers, this means the taxable nature of their products remains open for revisitation.
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