Geithner on fiscal cliff: 'I think we are going to get there'

Geithner on fiscal cliff: 'I think we are going to get there'

Washington : DC : USA | Dec 03, 2012 at 2:50 AM PST
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Treasury Secretary Tim Geithner is positive about reaching a deal over fiscal cliff before 2012 ends. He said that if the Republicans are finding Obama’s proposal hard to accept, they should offer one of their own.

One of the key players of the fiscal cliff deal, Tim Geithner told NBC’s David Gregory, that he hopes the Congressional Republicans will accept Obama’s approach to avoid the fiscal cliff, because there is not much time left and they cannot afford letting the economy get a hit. “I think we’re going to get there,” Geithner said in the interview. “There’s too much at stake not to get there, not just for the American economy, but for the world economy."

“If the Republicans don’t like those ideas and they want to do it differently (or) they want to go beyond that, then they have to tell us what makes sense for them and then we can take a look at it,” he said. “We need to know what they’re prepared to do on (tax) rates and revenues and we need to know what they’re prepared to do on the spending side”.

With less than a month left to reach an agreement, neither party appears to be stepping in the direction of the accord. On Sunday, House Speaker and Republican leader, John Boehner, said that he was ‘flabbergasted’ by Obama’s plan to save the nation from getting over the cliff.

"Here's the problem," Boehner told Fox News. "When you go and increase rates, you make it more difficult for our economy to grow." Boehner said if Republicans agreed to give Obama a proposed $1.6tn in new tax revenue, "He's going to spend it," not reduce the deficit.

Geitherner said that the Democrats have presented their solution, now it’s up to the Republicans to either accept their deal or come up with a better one.

Boehner said that GOP has come up with a dozen different proposals that reduce the deficit without raising tax on the rich; however, he declined to provide detail of those proposals.

Both players are standing on the opposite ends of the problem. While one believes that the negotiations are ‘getting there’ the GOP leader said that after Obama’s proposal ‘we are nowhere’ and all the time since the general elections ended, has been wasted.

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US Speaker of the House John Boehner
US Speaker of the House John Boehner
Wendy Zachary is based in Texas, Texas, United States of America, and is a Reporter on Allvoices.
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