Corker says deal will pass, predicts $500,000 threshold

Sen. Bob Corker of Tennessee sought to assure Americans on Sunday over the looming fiscal cliff, expressing full confidence that most people won't start off the new year with new taxes.

In an interview on CNN, the Republican senator also predicted the income threshold for tax increases will be at least $500,000 per year, rather than President Barack Obama's proposal of $250,000.

While he's "disgusted with where we are" in the deficit-reduction debate, Corker said "there's no question" that Congress will reach some kind of deal "in the next few days or in the next few weeks."

"I would bet my life that over the next very short period of time (that) 98 to 99% of people in the country are going to be rescued," Corker told CNN Chief Political Correspondent Candy Crowley.

The Senate reconvened on Sunday as leaders and aides worked to hash out a fiscal cliff deal that will pass in both chambers of Congress. One of the main sticking points is a disagreement over who should pay higher tax rates in order to generate more revenue.

While Obama has called for tax increases on incomes above $250,000, discussions have involved the possibility of raising that figure to a $400,000 threshold, along with a push to keep estate taxes low. Democrats have said they might be open to one such scenario, but not both.

Corker, who earlier this month was among the first in his party to support a tax rate increase for the wealthy as part of a deal, said he doubts any compromise will include the $250,000 figure, listing several Democratic senators who he says want a higher number as well.

"My guess is we're going to be ... at least $500,000," he said "My guess is it's going to happen and it's going to pass."

And though it may pass, Corker joined many Republicans in saying that the fiscal debate has lacked serious discussion about "real reductions," such as entitlement reform. "I think that is totally irresponsible."

"We're going to deal with this tax issue," he continued. "We're going to deal with it either before midnight tomorrow or in the next couple of weeks, but nobody in the country - 99%, 98% of the people in the country should not be worried about revenues. But what they should be worried about is we still haven't tackled the issue of fiscal solvency."