Republicans Dispute Geithner's Testimony on Obama Budget

Tuesday, 14 Feb 2012 05:55 PM

By Richard Wagner

  Comment  |
   Contact  |
  Print   |
    A   A  
  Copy Shortlink
Republicans on the Senate Finance Committee disputed Treasury Secretary Timothy Geithner’s testimony Tuesday that tax increases included in President Barack Obama’s 2013 budget are necessary to correct the nation’s fiscal problems.

“I don’t see how you get there if you are unable . . . to contemplate and to embrace modest increases in revenue through tax reform,” The Hill  reported Geithner as telling the panel. “I just don’t think it’s possible.”

Geithner also repeated the administration’s claim that higher-earning Americans should shoulder the burden of higher taxes.

Sen. Orrin Hatch, R-Utah, ranking member of the committee, countered Geithner’s testimony, saying, “It is clear that [Obama’s] plan would only make our fiscal problems worse and harm our economy by imposing around $1.9 trillion of stifling tax hikes.”

Obama’s tax-and-spend policies and stimulus schemes have failed and would continue to generate historic deficits, The Hill quoted Hatch as saying.

Committee members in both parties grilled Geithner on why the Obama administration has not proposed comprehensive tax reform. Geithner responded that the White House will propose a “framework” for corporate tax reform in the coming weeks, but that no new efforts on overhauling the individual tax code would be offered.

© 2014 Newsmax. All rights reserved.

  Comment  |
   Contact  |
  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.
 
Follow Newsmax
Like us
on Facebook
Follow us
on Twitter
Add us
on Google Plus
Around the Web
Top Stories
You May Also Like

Patrick Leahy and Staffer, Like Pope, Were Key in Gross' Release

Friday, 19 Dec 2014 10:14 AM

The agreement to free Alan Gross after five years in a Cuban prison was reached following more than a year of secret bac . . .

DNC Quickly Veers from Chairwoman's Longtime Cuba Stance

Friday, 19 Dec 2014 09:56 AM

The Democratic National Committee has come out in strong support of President Barack Obama's deal to end decades-long po . . .

Democrats Split on Message for 2016: Jobs or Income Equality

Friday, 19 Dec 2014 07:49 AM

While recovering from their mauling in the midterm elections last month, Democrats are divided over what economic messag . . .

Most Commented

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

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