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Sun Dec 2, 2012, 10:56 AM

Geithner refuses to budge on higher tax rates for wealthy -- Says republicans 'having a tough time' [View all]

from Bloomberg Businessweek: http://www.businessweek.com/news/2012-12-02/geithner-says-fiscal-cliff-deal-requires-tax-rate-increase


“There’s not going to be an agreement without rates going up,” Geithner said on CNN’s “State of the Union” airing today, according to a transcript. Republicans will “own the responsibility for the damage” if they “force higher rates on virtually all Americans because they’re unwilling to let tax rates go up on 2 percent of Americans.”

“The ball really is with them now,” said Geithner, the administration’s lead negotiator on the fiscal cliff, on CNN. “They’re having a tough time trying to figure out what they can do, what they can get support from their members for.”

. . . Geithner also repeated his case for a long-term extension of the federal debt ceiling after partisan disputes dragged out negotiations over raising the limit last year.

“We are not prepared to let the threat of default on America’s credit, on the savings of Americans, the investments of Americans, be held hostage to the political agenda of a group of people in Congress over time,” he told CBS’s “Face the Nation” program. “It’s not a responsible way to govern.”


read: http://www.businessweek.com/news/2012-12-02/geithner-says-fiscal-cliff-deal-requires-tax-rate-increase


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