Geithner: Extending Bush Tax Cuts for Wealthy Irresponsible

Monday, 23 Jul 2012 09:35 PM

 

Share:
  Comment  |
   Contact Us  |
  Print  
|  A   A  
  Copy Shortlink

Treasury Secretary Timothy F. Geithner said it would be irresponsible to extend tax cuts for the wealthiest Americans and President Barack Obama is “absolutely committed” to letting them expire.

“If the president were to say now, ‘I’m prepared to extend the taxes for the top 2 percent of Americans,’ it’s a deeply irresponsible thing to do fiscally and economically,” Geithner said in an interview today on the “Charlie Rose” show to be broadcast on PBS and Bloomberg Television. “It would hurt our credibility. It would leave us with no capacity to address these long-term fiscal problems.”

Geithner said it wouldn’t be “responsible” to push back deadlines including defense sequestration cuts and said Europe was “burning because of deep concerns about political will.” The cuts are set to occur because talks failed last year on a bipartisan plan to curb the nation’s debt.

Lawmakers remain deadlocked over long-delayed budget decisions including the future of the George W. Bush-era income tax cuts that expire Dec. 31, automatic spending cuts set to take effect in January and raising the government’s debt limit.

House Republicans propose extending the tax cuts for all income levels and cutting food stamps, Medicaid, federal workers’ benefits and other programs to avoid reductions in defense spending. Democrats are balking, threatening to go over the so-called fiscal cliff if Republicans don’t allow tax cuts for top earners to expire.

Geithner also said Obama is “going to stand by” his pledge not to extend the tax cuts. “He is absolutely committed to that.”


© Copyright 2014 Bloomberg News. All rights reserved.

Share:
  Comment  |
   Contact Us  |
  Print  
  Copy Shortlink
Around the Web
Join the Newsmax Community
Please review Community Guidelines before posting a comment.
>> Register to share your comments with the community.
>> Login if you are already a member.
blog comments powered by Disqus
 
Email:
Country
Zip Code:
Privacy: We never share your email.
 
Hot Topics
Follow Newsmax
Like us
on Facebook
Follow us
on Twitter
Add us
on Google Plus
Around the Web
Top Stories
You May Also Like

Rick Perry Asks to Miss Court Date Citing Overseas Trip

Monday, 22 Sep 2014 14:23 PM

Indicted Texas Gov. Rick Perry wants to skip his next scheduled court appearance because he'll be out of the country.In  . . .

Pew Poll: Support for Gay Marriage May Be Leveling Off

Monday, 22 Sep 2014 14:21 PM

A new survey from the Pew Research Center indicates American support for gay marriage could be leveling off.The study's  . . .

Despite Airstrikes, ISIS Appears to Hold Its Ground in Iraq

Monday, 22 Sep 2014 14:20 PM

American airstrikes against the Islamic State (ISIS) have done little to rollback the militant group's territorial gains . . .

Most Commented

Newsmax, Moneynews, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, NewsmaxWorld, NewsmaxHealth, are trademarks of Newsmax Media, Inc.

 
NEWSMAX.COM
America's News Page
©  Newsmax Media, Inc.
All Rights Reserved