White House waits on GOP move
Republicans have to stop using “political math” and say how much they are willing to raise tax rates on the wealthiest 2 percent of Americans and then specify the spending cuts they want, Treasury Secretary Tim Geithner said in an interview that aired Sunday.
Just four weeks from the proverbial “fiscal cliff,” House Speaker John Boehner countered that Republicans have a plan for providing as much as $800 billion in new government revenue over the next decade and would consider the elimination of tax deductions on high-income earners. But when pressed on “Fox News Sunday” for precise details, the Ohio Republican declined to say.
There are “a lot of options in terms of how to get there,” Boehner said.
Both Boehner’s and Geithner’s latest remarks indicate it could be some time before serious negotiations begin between the White House and Republicans on how to avert economic calamity expected in less than a month when President George W. Bush-era tax cuts expire and automatic, across-the-board spending cuts kick in.
Boehner acknowledged in his interview that he wasn’t happy with public remarks by Republican Rep. Tom Cole of Oklahoma, who said he was ready to go along with Obama’s plan to renew expiring income-tax cuts for the majority of Americans and negotiate the rates on top earners later.