Geithner: "Absolutely" ready to go over "cliff"

The White House is "absolutely" prepared to go over the so-called "fiscal cliff" should negotiations with Republicans fail to muster a deal that would prevent a devastating series of tax hikes and spending cuts from triggering Jan. 1, Treasury Secretary Timothy Geithner said today.

Geithner, whom President Obama assigned to be the point person on his "fiscal cliff" proposal, told CNBC in an interview that an agreement won't be reached by year's end unless the GOP concedes an increase in tax rates for the top two percent of wealthiest Americans. Disparity over whether to extend the Bush-era tax cuts for all Americans or only those making less than $250,000 a year has barricaded any headway on a plan for months.

• "Fiscal cliff" talks frozen, Obama lobbies big business
• Despite GOP scoffing, Geithner holds firm on taxes

"Oh, absolutely," Geithner said when asked whether the White House is readying for the possibility of going over the "cliff."

"There is no prospect (for) an agreement that doesn't involve rates going up on the top 2 percent of the wealthiest Americans," Geithner said. "What we need to see is have them acknowledge that they are prepared to see rates go up. And if they are willing to accept that, and commit to that as part of an agreement, then we think we can do something really good for the American economy."

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Carney: WH preparing for failure of "fiscal cliff" talks

Though White House press secretary Jay Carney assured the same optimism that a deal can be reached as Geithner expressed earlier this week, he acknowledged the administration is preparing for the possibility of going over the "cliff." The Office of Management and Budget, he said today during his daily briefing, "issued a request to federal agencies" for information to finalize the sequestration cuts.

But, Carney qualified, "The administration remains focused on reaching agreement, as we've been discussing, on a balanced deficit-reduction plan that avoids sequestration."

"This action should not be read... as a change in the administration's commitment to reach an agreement and avoid sequestration," he continued. "OMB is simply ensuring that the administration is prepared, should it become necessary to issue such an order. OMB will continue to consult with agencies and will provide additional guidance as needed. This is just acting responsibly because of the potential for this happening."

An aide to John Boehner confirmed to CBS News that the House Speaker spoke with Mr. Obama on the phone this afternoon, but would not disclose details.

[ByzantineCrusader]

Everything I need to know about this president I learned from the People's World.

People's World and Mundo Popular are known for partisan coverage. We take sides. Yours. The editorial mission is partisan to the working class, people of color, women, young people, seniors, LGBT community, to international solidarity; to popularize the ideas of Marxism and Bill of Rights socialism. The websites enjoy a special relationship with the Communist Party USA, founded in 1919, and publish its news and views. http://www.peoplesworld.org/about-us

People's World
Nov 7 2012

WE WON! http://www.peoplesworld.org/we-won-the-american-people-speak-and-act-with-strength-and-determination/

[ByzantineCrusader]

The "Clinton Economy" is better and more accurately known know as "The Silicon Valley Bubble."

Does anyone here consider the possibility that the problem might be TOO MUCH SPENDING rather than not enough taxation?

[ByzantineCrusader]

Oops, "Known now."

[TimeToEvolve]

We have met the enemy and it is Wall Street. The sooner we all realize this the sooner we can reverse the tragedy of Reaganomics and take back what has been stolen by the rich.

[ByzantineCrusader]

"Blame Bush" not working any more, so now it's all the way back to "Blame Reagan," huh? So sad. Personally I blame Roosevelt.

[TimeToEvolve]

Listen if the Republicons still don't want to concede what the majority of Americans want, then let them blow it some more. Most Americans will blame them for the problem and they will continue their slide down the chute onto the scrap heap of history. And not a moment too soon for the Earth.

We need some saving from the Wall Street barons who hired the Republicon Party to help them rape and pillage the Earth. They don't care if man made global climate change hurts billions of people, they already have theirs. They can handle it with that kind of money.

[MrCampfires]

TIMETOEVOLVE I hope you are either 12 and just don't get it yet or you are over 60 and hopelessly lost in the Woodstock fog. Because if your not and you represent our nation, we are in deep trouble.

[TimeToEvolve]

Yeah I guess facts and reality don't matter to Fox Keeps You Stupid Channel. Or anyone who has ever been a pundit on that channel.

We don't have a right vs. left problem we have a top vs. bottom. The Wall Street billionaires who run the country want us to fight. And things like Fox Noise are perfect to spread fear and ignorance so we can fight.

[O_brother_212]

Voted for Obama, but I don't know why Obama wants to rub republican noses in his victory. Republicans caved immediately on taxes--can't we allow them some face-saving way to raise taxes on their voters?? Rich people paying more because their deductions were cut is just as good as rate increases. If we insist on humiliating rate increases just so we can hang their scalp on our wall, then they might fight. If they fight there's a chance we could lose or win ugly and all kinds of people could get hurt. We should take yes for an answer, bank the clean quick win and ride off into the sunset.

[rightontarget]

Obama was re-elected largely due to his position on raising the tax rate on the upper 2%. That is what the majority of people in this country want to happen. He is not about to let those people who voted for him down. It's NOT about humiliation!!! Limiting deductions alone won't do squat. The 2% will just find other ways to hide their assets. It's about FAIR distribution of the tax burden. It should be proportionate to the amount of income you make by percentage!!! The 2% are able to find loopholes, off shore accounts, tax shelters because they can. The rest of the people really don't make enough to have that option no matter how hard they work. Fairness is about the percentage of what you make from youw own hard work and what you actually have left to live on. If the wealthy pay a lesser percent of their income on taxes than the rest then that is the part that is not fair.

[MrCampfires]

O-BROTHER, you got it right. Money is money whether by tax rate increase or closing deductions. It has to be an ideological thing, and if it is shame on the president for puting ideology over the nations economy. I just hope our electorate is bright enough to see it. "RIGHTONTARGET sure isn't.

Having said this, however, this is no game. We have to cut spending to bring this debt down. If it takes calling the revenue a tax rate increase, then do it. But, the offer made to the president has to include at least a 2-to-1 cut in spending, no new stimulus spending, and get rid of the crazy idea to allow the president to increase the debt cealing without congressional approval. If he rejects this, then go over the cliff. Obama will own the recession because the offer included his "tax rate" increase.

[mjvwsr]

The proposed tax increase means very little to me. Just won't go out to eat as often which won't hurt anyone except the restaurant owners, bartenders, waitresses...you know, those rich people that don't need the money.

[4_MOREYEARS]

People are talking about going over the cliff like it is a "light" thing. I don't think it is. The rich will be insulated from it because of their wealth, and no other group is more insulated than the politicians in Washington. They have their own healthcare and retirement plan, they have nothing to lose by not negotiating.

I also do not like how the word ENTITLEMENT is being used. If I purchased a TV with my hard-earned money, you damn right I want my TV. Nobody asked me if I wanted to give into SS or Medicare, they just took it. And for people in Washington to talk to me like I am looking for a hand-out -- they are the ones looking for a hand out, not me! I know SS and Medicare has it's problems, but I feel the attitude some people take about it is unfair. If I paid into the system, I should be able to get something out of it.

[92F150]

The '01 and '03 GOP belief that a 3% cut for the top 2% will grow the economy and create jobs didn't work. It sounded really good. Lesson learned: If it sounds too good to be true, it probably is. We've tried that strategy over and again. They insisted on an extension of it in '10. We are still waiting for that momentous growth. They believed it so much that they didn't pay for the tax cuts, believing it would grow the economy so much that it would pay for itself. Years of waiting to reap from these tax cut benefits has resulted in annual budget deficits and a growing debt. They had well intentions but it is wrong to coninue on that failed strategy. The GOP is pushing ideology over fiduciary facts because they've sold it so strong that they made it their identity. It's time for them to listen to the USST and take that tax cut back. It didn't work, it won't work and it's long overdue to pay toward the debt. They are holding on to a fantasy and belief system that was never true. This is similar to their belief in their own polling data for the presidential election that Mitt was going to win. Tom Coburn is the type of GOP leader the party needs to survive because he understands common sense.

[davefromga]

RepubliCon_Liar_RobMe - You are an idiot libnazi if you believe the dems are anything but a bunch of lying, mangy, stealing, entitlement seeking azzh0les

[mjvwsr]

Meanwhile, over on Capitol Hill, Reid blocks Senate vote on Obama's deficit-reduction plan