Geithner says Congress must resolve tax issue by end of year
Treasury Secretary Timothy Geithner on Tuesday urged lawmakers to resolve the issue of expiring tax breaks by the end of the year, adding that the White House and Congress should be able to reach a deal soon.
"It is very important for Congress to act on this before they leave town," Geithner said during an appearance at The Wall Street Journal's CEO Council conference in Washington, according to the Associated Press. "It would not be a responsible act of government to leave this level of uncertainty hanging until next year."
There has been some confusion in recent weeks over how much the administration is willing to negotiate with Republicans, who support permanently extending the cuts for those families making more than $250,000 annually. Geithner repeated that the White House supports a permanent extension of breaks for those making less than that amount but not for higher earners.
But by saying that the White House and Congress should be able to cut a deal, Geithner seemed to say the administration was not ruling out a temporary tax cut extension for wealthier families.
Pressure is rising on lawmakers to settle on a path forward. The Bush-era tax cuts are due to expire Dec. 31. If Congress doesn't act, nearly all taxpayers will face much higher taxes.
Jia Lynn Yang
| November 16, 2010; 11:22 AM ET
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