oppose raising tax rates. lawmakers on both sides are now eyeing tax expenditures as a way to accomplish their goals. jim angle, live in washington. tax expenditures, jim, what are they? >> >> reporter: well jon, that's just a fancy word for the accumulation of tax deductions and subsidies in the tax code. some people call it spending by another name. so going into the tax code, to clean up all of those ducks and subsidies is seen as the best possibility to unite both democrats and republicans because it could generate money that could be used both for decifit reduction and to actually reduce tax rates. listen: >> this is where the revenue deal is to be done. i don't think there's the political will to do significant increases in tax rates. the deal to be done is to look at the tax preferences and walk them back in some intelligent way. >> tax expenditures or tax preferences add up to about $1.3 trillion a year, more than all individual and