Weekly Standard editor Bill Kristol says that Republicans in Congress should “take Obama’s offer” to raise taxes on the wealthy because the GOP shouldn’t “fall on its sword to defend a bunch of millionaires.”

During a panel on Fox News Sunday, Kristol predicted that “Republicans will have to give in much more than they think” because of President Barack Obama’s overwhelming electoral defeat of Mitt Romney.

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“Four presidents in the last century have won 50 percent of the vote twice: Roosevelt, Eisenhower, Reagan, and Obama,” the conservative pundit explained. “It pains me to say that, to put him in with those other three, but it’s a fact. Democrats picked up seats in the House and the Senate. The president is in good shape. … I think there will be a big budget deal. It will be an Obama budget deal much more than a Paul Ryan-type budget deal. Elections have consequences.”

He continued: “The leadership in the Republican Party and the leadership in the conservative movement has to pull back, let people float new ideas. Let’s have a serious debate. Don’t scream and yell when one person says, ‘You know what? It won’t kill the country if we raise taxes a little bit on millionaires.’ It really won’t, I don’t think.”

“I really don’t understand why Republicans don’t take Obama’s offer to freeze taxes for everyone below $250,000 — make it $500,000, make it a million,” Kristol insisted.

“Really? The Republican Party is going to fall on its sword to defend a bunch of millionaires, half of whom voted Democratic and half of them live in Hollywood?”

Watch this video from Fox’s Fox News Sunday, broadcast Nov. 11, 2012.

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