Tags: US | Geither | Economy

Geithner Defends Obama Policy On Tax Cut Extension

Tuesday, 03 Aug 2010 07:27 AM

Treasury Secretary Timothy Geithner says it would be "deeply irresponsible" for the Obama administration to support a wholesale extension of the Bush era tax cuts, including breaks for the wealthy.

Geithner tells ABC's "Good Morning America" that President Barack Obama strongly believes those reductions should be retained for the "95 percent" of taxpayers with individual incomes under $200,000 a year and families below $250,000.

He disagreed with charges the administration has been hostile to Wall Street. Geither said in Tuesday's interview that Obama had no choice but to pursue much tighter regulation of business, saying the president had a deep obligation "to fix what was broken."

The secretary acknowledged the economy hasn't bounced back as quickly as federal officials would like.

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