Secretary Geithner made the rounds on the Sunday morning shows attempting to rally support for President Obama’s plan to avoid the fiscal cliff. This plan includes, among other things, increasing taxes and reducing President Bush’s tax cuts on those making more than $250,000 per year. Here’s what Secretary Geithner said on CNN’s State of the Union:
There’s not going to be an agreement without rates going up. If they are going to force higher rates on virtually all Americans because they’re unwilling to let tax rates go up on 2 percent of Americans, then, I mean that’s the choice they’re going to have to make.
Is everyone going to get what they want? No, that’s not the way it works. People complain about gridlock but gridlock forces compromise so that one party doesn’t become a monopoly pushing their agenda through without opposition, like the Arizona Statehouse.
Secretary Geithner said that both sides are getting closer but still some distance apart. Stalling and delaying by either side, at this point, is not beneficial to anyone. If this issue isn’t addressed and properly dealt with, this will force us into another recession. Period.