Geithner: Ready to go over 'cliff' if necessary
WASHINGTON (AP) - Treasury Secretary Timothy Geithner said Wednesday that the Obama administration is "absolutely" ready for the economy to go over the "fiscal cliff" rather than accept a budget deal that doesn't include higher tax rates for top earners.
Geithner said the administration thinks budget deficits are so large that they can't be closed without boosting tax rates on the highest-earning 2 percent of Americans. Most Republicans oppose higher rates for any taxpayers.
"There's no prospect in an agreement that doesn't involve those rates going up on the top 2 percent of the wealthiest Americans," Geithner said in an interview on CNBC.
Geithner's comments immediately drew fire from a top Republican senator.
"This is one of the most stunning and irresponsible statements I've heard in some time," said Sen. Orrin Hatch, R-Utah. "Going over the fiscal cliff will put our economy, jobs, people's paychecks and retirement at risk, but that is what the White House wants, according to Secretary Geithner, if they don't get their way."
The fiscal cliff refers to the tax increases and deep spending cuts that will take effect in January unless Congress and the White House reach a budget deal first.
In the interview, Geithner also said the administration would reject a budget plan that didn't include an increase in the federal borrowing limit. The current limit is expected to be reached either late this month or early next year.
"We are not prepared to have the American economy held hostage to periodic threats that Republicans will force the country to default on our obligations," Geithner said. "That would be a terrible thing for the financial security of the average American, for businesses, for confidence around the world and the United States."
Geithner said he still thinks progress is being made in the budget negotiations and that the outlines of an agreement are becoming clearer.
"They look inevitable," he said.
Geithner said the administration thinks budget deficits are so large that they can't be closed without boosting tax rates on the highest-earning 2 percent of Americans. Most Republicans oppose higher rates for any taxpayers.
"There's no prospect in an agreement that doesn't involve those rates going up on the top 2 percent of the wealthiest Americans," Geithner said in an interview on CNBC.
Geithner's comments immediately drew fire from a top Republican senator.
"This is one of the most stunning and irresponsible statements I've heard in some time," said Sen. Orrin Hatch, R-Utah. "Going over the fiscal cliff will put our economy, jobs, people's paychecks and retirement at risk, but that is what the White House wants, according to Secretary Geithner, if they don't get their way."
The fiscal cliff refers to the tax increases and deep spending cuts that will take effect in January unless Congress and the White House reach a budget deal first.
In the interview, Geithner also said the administration would reject a budget plan that didn't include an increase in the federal borrowing limit. The current limit is expected to be reached either late this month or early next year.
"We are not prepared to have the American economy held hostage to periodic threats that Republicans will force the country to default on our obligations," Geithner said. "That would be a terrible thing for the financial security of the average American, for businesses, for confidence around the world and the United States."
Geithner said he still thinks progress is being made in the budget negotiations and that the outlines of an agreement are becoming clearer.
"They look inevitable," he said.
When he goes over the cliff could we make sure that he has two 50 pound anchors chained to his feet !
Can we push Geithner off the cliff?
There is just something fundamentally wrong about being able to vote money out of someone else's wallet.
Democrat, Republican... It doesn't matter. They have all abandoned their duty and service to America and the appropriate thing is for the citizens to demand that ALL federal policy-maker salaries and benefits should be frozen, along with all pet project expenditures, until this is resolved. More importantly, it should be exceedingly clear to al that DC serves itself first and America last, and every single one of these bums needs to be forced out of office because at this point the custodians of the place get as much work done, and for less money. This is the worst government in the history of modern America.
I'll bet that there are many Americans that would be willing to push Obama and his administration off the cliff, any cliff!
@Freedom1267 whether you admit to it or not, that question was answered in November and Romney's the one who got pushed over.
 @Playanekes  @Freedom1267 Yes, it appears that the "takers" have won. Of course, that is a short-term victory only. Who wins when it all comes crashing down due to fiscal unsustainability?
Again, gotta ask yourself why the republiCON leadership in the senate and the house force this to NOT be published until after the election ??
Â
http://www.ombwatch.org/node/12273
 @sargerator Ah, yes. The usual childishness from sargerator - referring to Republicans as "republiCON" only detracts from his credibility.
@mikew @sargerator so... When you see people referring to "Nobama" or the "libtards" do you think it detracts from their credibility, or do they get a pass if they're right of center?
 @Playanekes Nope, no pass. Childish behavior is just that - childish. It makes no difference if one refers to "republiCONs" or to "libtards." Both are strong indicators that the posters who wrote it deserve little but contempt.
 @sargerator Oh yeah, it's just the republicans.. Are you really that delusional? If this had been aired prior to the election things might be different for Obama and his administration.
@Jamie @sargerator nope, it's absolutely also the Democrats. It's just that while the Republicans are quick to point out BOTH sides are at fault, they're equally quick to try to avoid any of the blame themselves. How in hell does that work for anybody with intellectual integrity? IF both sides are at fault, then why is the right wing only howling about Obama? As a conservative, I chose not to support the Republicans this year (or Dems) because of this. When they can demonstrate ideological and political integrity, they'll win me back. Until then, they're just Burger King telling me how unhealthy McDonald's is for America.
Oh no here come the fiscal cliff...OMG here is comes....WEEE
EEEEE
EEEEE
EEEEE!!
Wonder how those poor rich people got by paying 39.6 % ....those poor rich people
''Geithner by his statement just simply confirms as I've believed for 4 years the intent of the O bama agenda is to destroy the American economic system and replace with his idea of a marxist utopia!" Here spoken by a man who didn't pay any taxes anyway! This brave new world will be a utopia for him Pelosi and his boss Barry; But the rest of us to put it bluntly will be surely screwed!"
(Geithner) I could wile away the hours Conferrin' with the flowers Consultin' with the rain And my head I'd be scratchin' While my thoughts were busy hatchin' If I only had a brain I'd unravel any riddle For any individ'le In trouble or in pain (Obama) With the thoughts you'd be thinkin' You could be another Lincoln If you only had a brain (Geithner) Oh, I would tell you why The ocean's near the shore I could think of things I never thunk before And then I'd sit and think some more I would not be just a nuffin' My head all full of stuffin' My heart all full of pain I would dance and be merry Life would be a ding-a-derry If I only had a brain
Appears the world (at least the US) is flat after all. Get ready for the fall. Republicans need to hold firm. BHO and his need to learn the meaning of compromise.
 @wondering Both sides need to compromise. Congressman Boehner has offered revenue increases via closing tax loopholes that benefit high-income earners - which is a reasonable proposal. Yet some fanatics within the Republican Party are unwilling to be reasonable.
By the same token, President Obama seems to be reading more into the election than was actually there and he too richly deserves criticism for his failure to compromise in this instance.
@mikew @wondering best post in the thread so far. Telling us that they'r not willing to budge because the other side won't compromise may not be an insult to EVERYBODY'S intelligence but it sure is to those of us who are required to think for a living.
@wondering so...the REPUBLICANS need to "hold firm" and it's the DEMOCRATS who need to compromise. Interesting, if totally biased and hypocritical, perspective.
'Geithner: Ready to go over 'cliff' if necessary' Really? Who is going to take the word of a tax cheat?
@theobserver LOL!!
@theobserver This guy couldn't figure out TurboTax, does anyone really think he can figure out the economy? Not.
If "necessary"? IF NECESSARY, Mr. Treasury Secretary? Really, sir. Really..... what in the heck have you been up to - since your stimulus debacle, sir. What have you been advising our totally nartcisisstic president, too. Year, after year after year. No budget. No sustainable fiscal mentoring. No nothing.Â
Â
Mr. Geithner - this is an absolute LOW, sir. As Barack Obama prepares to take the oath of office for another four years - this is a NEW LOW. The Obama Administration - all time LOW. Lowly. Twisted. Â
 @englishdaisy He's taking the oath of office in secret.
Â
"This time there will be a twist: the constitutionally mandated date for the presidential swearing-in, Jan. 20, falls on a Sunday in 2013, so Chief Justice John G. Roberts Jr. will administer the oath to Mr. Obama privately that day at the White House"
Â
http://www.nytimes.com/2012/11/24/us/politics/obamas-2nd-inaugural-will-likely-draw-fewer-to-capital.html?pagewanted=all&_r=1&
"Ronald Reagan, 1985 (2nd Inauguration)âReagan took the oath privately at the White House on Sunday, and again publicly on Monday, Jan 21, at a public ceremony moved indoors to the Capitol Rotunda, because of extremely cold weather."
Â
So uncle ronny (ronald wilson reagan, 666) was planning something too hey ?
Â
Oh I forgot, ronny isn't evil like obama because...wait for it...he was a "hollywood elite"..HA !
@Jamie @englishdaisy  I suppose that is so he can change the verbiage to what he pleases. "I promise to keep spending taxpayer money until they are all broke"
@wondering you mean like Reagan did?
"What me worry? I don't pay my taxes."
Eff Obama. It's time for a revolution.
@Bdou you waiting for somebody else to do that for you, or what?
He's absolutely drooling about all that new tax revenue they can buy more votes with. Cliff? What cliff? Full steam ahead!
Geithner. The guy the Chinese laugh at any time he brings up fiscal policies.  It's a good job he has a job with no accountability, let alone a boss that actually cares about results otherwise this piece of trash would have been fired a long time ago had he worked in the private sector. Apparently in government you just get raises & promotions the most you screw up.
Of course he would. His bank accounts are already off-shored.
wasn't Geithner the one who said "never going to happen" when asked "is our country's credit rating in danger of being down graded?" Â And literally 3 weeks later, guess what happened...... Â
I wonder, if all this fiscal cliff talk is a side show to something on a larger scale? I am not saying it does not exist, I am just wondering if there is something bigger that is coming? I also Wonder What do they mean by "prepared for" are they expecting people to revolt or something? Does there prep include disappearing?
 Well I am prepared to..but more then likely, it will be something quiet and we won't see any ad mediate effects.. they will be slow..unless...eh.. I won't go there .. and besides ..Who really will know what will happen until we get there.
 @lee986321 No. No. No. No.
obama is already planning his next speech. Â The one where he blames Bush for everything, again. Â If we do go over the cliff, the deadbeats who got obama elected twice will start worrying about whether their handouts will continue. Â That's the only reason the democrats want the wealthy taxed more. Â It's to pay off the losers who voted them into office.
@boomer Naw ! It's to make those guys sittinng in the car, in their fancy silk suits, get out and help us push it out of the ditch since gdbya got a ride home with daddy !
@boomer The "blames Bush for everything" bit is now as worn out as Obama actually blaming Bush for everything a few years ago. He's stopped, and so should you.
 @JTesla  @boomer We'll, at least we can all depend on 'sargerator' continuing to blame Bush. If Obama does throw in a Bush or a "last 8 years" can I bring it up?
@B Smizzle @last boyscout @JTesla @boomer very well stated, Smizzle. Thanks for the unbiased comment!
@last boyscout @JTesla @boomer And we ALL can depend on you to claim amnesia on everything that happened from 2000 to 2008
 @last boyscout  @JTesla  @boomer Bush caused it, Obama accelerated it....they are BOTH at fault!  And yes, because he has not fixed it and it his second term this is now firmly on BHO's shoulders.
Â
Â
@last boyscout I'd be disappointed if you didn't.
My bets on man turtle hybrid and the boner are gonna flinch, fun watch'n them squirm, they've had it their way for so long they're gonna need nana to clean their shorts. Then they're gonna get sent back to the wood shed so the koch brothers can have their way with them , along with turd blossom !
Â
Â
@sargerator ........what the hell's the matter with you?
Great counter point, I know exactly (not) where you stand !
 @Rob C 503  @sargerator A lot.
 @Rob C 503  @sargerator I totally agree with you Rob.
@sargerator ........what the hell's the matter with you?
Hey it's the , "I don't have a single thought of my own " guy again ! Congrates !