Hold on tight, here we go.
Treasury Secretary Timothy Geithner didn’t mince words in an interview with CNBC on Wednesday, telling the network that Republicans are “making a little bit of progress” in “fiscal cliff” talks but said the Obama administration was “ absolutely” ready to go over the cliff if the GOP doesn’t agree to raise tax rates on the wealthy.
“I think they’re making a little bit of progress,” Geithner said. “They’re clearly moving and figuring out how to try to move further.”
But Geithner said the White House would go over the cliff–triggering over $600 billion in automatic spending cuts and tax increases–unless tax rates increase on the top 2% of wage earners, a theme he’s consistently trumpeted recently.
“What we’re trying to do is put in place a comprehensive, balanced set of fiscal reforms that put us back on the path of living within our means,” Geithner said.