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Geithner: Administration ‘Absolutely’ Prepared to Jump Off Cliff if GOP Doesn’t Budge on Rates


Treasury Secretary Timothy Geithner said this afternoon that the Obama administration is “absolutely” prepared to let the nation go over the fiscal cliff if Republicans don’t agree to a deal that raises tax rates on the top two percent of income earners. 

In an interview on CNBC, Geithner was asked, “When it comes to raising taxes on the wealthy, those making more than $250,000, if Republicans do not agree to that, is the administration prepared to go over the fiscal cliff?” ”Oh, absolutely,” Geithner said, maintaining that the administration continues to seek a “balanced” agreement.

This seems to be the clearest indication yet from the Obama administration that it is willing to stomach the tax increases and spending cuts that will become law if the White House and Republicans fail to reach a deal by the end of the year. 


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