Geithner: Ready to Go Over 'Cliff' If Taxes Don't Rise
[CNBC] Treasury Secretary Timothy Geither told CNBC Wednesday that Republicans are "making a little bit of progress" in "fiscal cliff" talks but said the B.O. regime was "absolutely" ready to go over the cliff if the GOP doesn't agree to raise tax rates on the wealthy.
"I think they're making a little bit of progress," Geithner said. "They're clearly moving and figuring out how to try to move further."
But Geithner said the White House would "absolutely" go over the fiscal cliff -- triggering over $600 billion in automatic spending cuts and tax increases -- unless tax rates increase on the top 2 percent of wage earners.
"What we're trying to do is put in place a comprehensive, balanced set of fiscal reforms that put us back on the path of living within our means," Geithner told "Closing Bell."
Geithner, who is the B.O. regime's lead negotiator in the cliff talks, added that if Republicans are willing to accept higher rates, "we think we can do something really good for the economy. We can make the government use the taxpayers money much more efficiently, lock in some spending savings and do some long-term reforms to entitlements."
President Barack Obama
The Cambridge police acted stupidly...
told business leaders earlier in the day that a deal could be reached in a week if Republicans would accept higher tax rates on the wealthiest Americans.
Posted by: Fred 2012-12-06