Geithner stops short of tax veto threat

[cal04]

http://thehill.com/blogs/blog-briefing-room/news/112315-geithner-stops-short-of-veto-threat-over-high-end-tax-cuts

Treasury Secretary Tim Geithner stopped short on Tuesday of promising that President Obama would veto any legislation that extends tax cuts for top earners.

Geithner said that while he's optimistic the administration will succeed in pushing lawmakers to extend most of former President George W. Bush's signature income tax cuts, he would not pledge a veto if that bill also extends tax cuts for the nation's highest earners.

Obama has said that he favors extending the tax cuts except for households earning more than $250,000 per year, and individuals making over $200,000 per year.

"What the President believes is the best strategy for the country is to extend the tax cuts that go to more than 95 percent of Americans, more than 95 percent of small business," Geithner said on "Good Morning America" on ABC. "But to do that responsibly, we let those tax cuts for the highest earning Americans expire as scheduled, as they were predicted to do."

[indepat]

1. Me thinks the stars and planets are aligning to extend the tax cuts for top earners to be paid for

by cuts in future social security benefits. See, that was so easy since it is plainly obvious how this will likely play out. :P

[Orsino]

6. Well, we'll never go broke assuming the worst.

Uh, I mean we'll never go broke only because of that assumption--but I'm thinking it more likely that the tax cuts will expire.

Even an extension will bode ill, though, as the coming Money Deluge will be packing Congress with idiot Republicans.

[Deep13]

2. .

:banghead:

[Autumn]

3. "Other Democrats have called for a temporary extension

of the high-end tax breaks." Now that is fucking crazy, and I do believe we are about to get screwed. That quote is very telling. :wtf:

[katandmoon]

4. Then that guarantees it -- behind the scenes, Geithner and Obama are working against ending tax cut

extensions for the wealthy. It's all a shell game where protecting the rich and powerful is underneath whatever shell you pick.

[bluethruandthru]

5. Unfortunately, I think you're right.

I'm so sad that I feel this way about the administration, but this is how things seem to play out. Sounds like Obama and most of the Dems in Congress are on our side...but when it comes down to the wire it's "Oh, sorry, we fought as hard as we could but we just didn't have the votes".
I don't want to hear that anymore!

[SammyWinstonJack]

7. Except that they don't fight for us. It's all lip service.

x( It's becoming crystal clear Obama and most of the Dems in Congress are NOT on our side.