Sunday, December 02, 2012

Geithner: No deal without higher tax rates on rich

10:04AM EST December 2. 2012 - Treasury Secretary Timothy Geithner echoed President Obama on Sunday, saying there won't be a fiscal cliff deal with Republicans without higher taxes on the wealthy.

"There's not going to be an agreement without rates going up," Geithner said on CNN's State of the Union, one of a series of talk show appearances he made on Sunday.

Geithner noted that Obama is offering the debt reduction deal he campaigned on, including an elimination of the George W. Bush tax cuts for Americans who make more than $250,000 a year.

Republicans say they will agree to more government revenues through elimination of tax loopholes, but not through an increase in tax rates they say will slow the economy.


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Original content Bob DeMarco, All American Investor