Cole: Obama Can’t Hold Everyone Hostage to Tax Increases

Rep. Tom Cole (R., Okla.) was adamant in an interview Monday on CNBC: revenues will not be part of a deal between House Republicans and President Obama to avoid the sequester.

"There's a couple opportunities coming up where the two sides can sit down," Cole said. "I hope they do. But again, the president can't hold everybody hostage to a tax increase every 45 days. He had no spending cuts in the last deal. There's going to be no revenue in this deal. Then we can sit down and talk longer-term after that, I suppose. But this one, I think we're pretty dug in."

When "Closing Bell" host Maria Bartiromo brought up reports that Obama's State of the Union address Tuesday would discuss increased government spending in areas like education, manufacturing and clean energy, Cole bristled.

"Talking about aggressive new spending right now is not likely to get a favorable hearing in Congress," Cole said. "The votes aren't there for it, and they shouldn't be there for it until we have serious deficit reduction and until the president will talk about where the real problem is. That's entitlements. We're willing to sit down and do that. He hasn't been."