Geithner Says Extending Tax Cut for Wealthy Irresponsible
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U.S. Treasury Secretary Timothy F. Geithner said President Barack Obama is “absolutely committed” to letting tax cuts for the wealthiest Americans expire as scheduled at the end of this year.
“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 yesterday on the “Charlie Rose” show 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.”