Administration takes tough line with GOP on cliff
WASHINGTON (AP) — The administration is taking a tough line on the "fiscal cliff" at the same time President Barack Obama resumes contact with House Speaker John Boehner over ways to avert across-the-board spending cuts and tax increases at the turn of the year.
The administration will "absolutely" let the double whammy take effect as scheduled unless Republicans give in to Obama's demand to raise tax rates at upper income levels, Treasury Secretary Tim Geithner said Wednesday. "The size of the problem is so large it can't be solved without rates going up," he told CNBC.
Geithner drew a fierce response from Republicans. Sen. Orrin Hatch of Utah called his statement "stunning and irresponsible." He added, "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."
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