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Geithner Hints At Tax Hikes

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Top U.S. officials said on Sunday more steps may be needed to firm up economic recovery -- including extended jobless benefits -- and declined to rule out future tax increases to tame massive budget deficits.

U.S. Treasury Secretary Timothy Geithner said the government needed to show the will to reverse deficits after the recovery, and would have to make some "hard choices" about whether this may include increasing tax revenues.

"We have to bring them down to a level where the amount we're borrowing from the world is stable at a reasonable level," Geithner said on ABC's "This Week with George Stephanopoulos."

"And that's going to require some very hard choices. And we're going to have to do that in a way that does not add unfairly to the burdens that the average American already faces."

Asked if he could rule out new taxes, Geithner said, "I think what the country needs to do is to understand that we will do what it takes to bring deficits down."

Republicans have voiced concerns about the Obama administration's stimulus-related spending and health care reform plans producing trillion-dollar deficits for years to come and eventually sapping U.S. economic vitality.

"We have put trillions of additional debt on future generations of Americans," said Republican Sen. John McCain. "In the words of the Congressional Budget Office and others, it is 'unsustainable.'" .................................

http://www.cnbc.com/id/32259702

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Guest spp

Time to put up taxes to pay for all these robbing bankers... like we never seen that coming!

:angry:

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Guest The Relaxation Suite
I can see the "Tea Parties" now..............Ron Paul/Peter Schiff will ROCK!

Mike

Tax rises are inevitable, and probably big ones. Combine this with the reduction and eventually ending of pensions and welfare and a massive rise in unemployment because all the jobs go to the East to make company owners even more money and you begin to get the picture about what the West will look like in another 20 years.

Edited by D-503

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:lol:

"We'll raise taxes so we can lose the next elections. Honest guv'."

Edit to add:

"We also support a strong dollar policy."

Well, at least they are keeping us entertained, it saves us from looking at the true sh*t that is going on. Smoke, mirrors, etc.

Edited by williamdb

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