Wednesday, December 05, 2012

Geithner: Ready to Go Over 'Cliff' If Taxes Don't Rise

Tough talk from a Tax Cheat.

Treasury Secretary Timothy Geither told CNBC Wednesday that Republicans are "making a little bit of progress" in "fiscal cliff" talks but said the Obama administration was "absolutely" ready to go over the cliff if the GOP doesn't agree to raise tax rates on the wealthy.

"I think they're making a little bit of progress," Geithner said. "They're clearly moving and figuring out how to try to move further."

But Geithner said the White House would "absolutely" go over the fiscal cliff — triggering over $600 billion in automatic spending cuts and tax increases — unless tax rates increase on the top 2 percent of wage earners.

Geithner: Ready to Go Over 'Cliff' If Taxes Don't Rise

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